Uniroyal Technology Acquires Sterling Semiconductor
Uniroyal Technology Corp. (Sarasota, FL), announced that it has closed the acquisition of Sterling Semiconductor, Inc. (Sterling, VA), through a merger for approximately 1,533,000 shares of Uniroyal common stock.Outstanding Sterling stock options held by key employees have been converted to options to purchase approximately 505,000 Uniroyal shares. "We are excited to have Sterling as part of Uniroyal. Sterling is a perfect fit in our plan for increased participation in the fast-growing compound semiconductor industry," stated Howard R. Curd, chairman and chief executive officer of Uniroyal Technology Corporation. He continued, "For Uniroyal, Sterling's technology allows us to broaden the range of products we can offer which, in turn, provides an expanded customer base for our product lines. And, for Sterling, Uniroyal will provide the capital necessary to increase its capacity to meet the needs of its customers."