US Venture Cap Firm Purchases TDK Semiconductor
TDK Corp. (Japan) announced that it has sold its US semiconductor subsidiary to venture backer Golden Gate Capital (San Francisco, CA). The financial terms of the deal were undisclosed, although Golden Gate said it "targets investments of up to $100 million in situations where there is a demonstrable opportunity to significantly enhance a company's value."
Existing management will remain at TDK Semiconductor Corp.'s (Irvine, CA) base, but the company name will change at some point in the future. In the first nine months of the current Japanese fiscal year, April 1, 2004, through December 31, 2004, TDK posted revenue of $151,394.00 derived from its semiconductor operations.
"The sale of TDK Semiconductor Corp. will allow us to focus more on the core businesses of TDK and better ensure that the long-term objectives of the company are achieved," stated TDK USA Corp. President Francis Sweeney, Jr.