NORWOOD, Mass.--(BUSINESS WIRE)--
Analog Devices, Inc. (NASDAQ: ADI), a global leader in high-performance
semiconductors for signal processing applications, today announced that
Mark M. Little, former Senior Vice President, GE Global Research and
Chief Technology Officer of General Electric Company, has been elected
as a Director of the Company, and that the Board of Directors of the
Company intends to elect Robert H. Swanson, Executive Chairman of Linear
Technology Corporation, as a Director following the closing of the
Company's acquisition of Linear Technology Corporation. Richard Beyer
and John Hodgson will retire from the Company's Board of Directors,
effective as of the Company's 2017 Annual Meeting of Shareholders.
"We are very grateful to Rich and John for their years of dedicated
service to ADI, and for their wise counsel as members of our Board,"
said Ray Stata, ADI Chairman of the Board. "We are pleased to welcome
Mark Little as a new Director, and we are also looking forward to Bob
Swanson joining the Board following our acquisition of Linear Technology
Corporation."
Dr. Little is the former Senior Vice President, GE Global Research and
Chief Technology Officer of General Electric Company, a global digital
industrial company. Dr. Little joined GE in 1978, and during his 37-year
tenure, held management positions in engineering and business,
culminating with his most recent position, which he held from 2005 to
2015. In addition to his technology leadership, Dr. Little led several
multi-billion dollar business units at GE including GE Energy's
power-generation segment. Dr. Little holds bachelor's and master's
degrees in mechanical engineering from Tufts and Northeastern
universities, respectively, and a Ph.D. in mechanical engineering from
Rensselaer Polytechnic Institute.
Mr. Swanson, a founder of Linear Technology, has served as Executive
Chairman of the Linear Technology board of directors since January 2005.
Prior to that time, he served as Chairman and Chief Executive Officer of
Linear Technology since its incorporation in 1981. Mr. Swanson has a
B.S. degree in Industrial Engineering from Northeastern University.
On July 26, 2016, ADI and Linear Technology entered into an agreement
and plan of merger that provides for the acquisition of Linear
Technology by the Company. The Company and Linear Technology currently
expect the acquisition to be completed by the end of the Company's
second fiscal quarter of 2017, subject to receipt of the remaining
required regulatory approvals and subject to the satisfaction or waiver
of the other conditions contained in the merger agreement. The Board of
Directors of the Company intends to elect Mr. Swanson to the Board at
the later of the completion of the acquisition or the Board of Directors
meeting following the Company's 2017 Annual Meeting of Shareholders,
currently anticipated to be held on March 8, 2017.
About Analog Devices
Analog Devices (NASDAQ: ADI) designs and manufactures semiconductor
products and solutions. We enable our customers to interpret the world
around us by intelligently bridging the physical and digital with
unmatched technologies that sense, measure and connect. Visit http://www.analog.com.
Forward-Looking Statements
This press release contents contains forward-looking statements, which
address a variety of subjects including the expected timetable for
closing of the transaction between Analog Devices, Inc. ("Analog
Devices") and Linear Technology Corporation ("Linear Technology") and
the anticipated composition of the Board of Directors of Analog Devices.
Statements that are not historical facts, including statements about our
beliefs, plans and expectations, are forward-looking statements. Such
statements are based on our current expectations and are subject to a
number of factors and uncertainties, which could cause actual results to
differ materially from those described in the forward-looking
statements. The following important factors and uncertainties, among
others, could cause actual results to differ materially from those
described in these forward-looking statements: the ability to satisfy
the conditions to closing of the proposed transaction, on the expected
timing or at all; the ability to obtain required regulatory approvals
for the proposed transaction, on the expected timing or at all,
including the potential for regulatory authorities to require
divestitures in connection with the proposed transaction; the occurrence
of any event that could give rise to the termination of the merger
agreement; the risk of stockholder litigation relating to the proposed
transaction, including resulting expense or delay; higher than expected
or unexpected costs associated with or relating to the transaction; the
risk that expected benefits, synergies and growth prospects of the
transaction may not be achieved in a timely manner, or at all; the risk
that Linear Technology's business may not be successfully integrated
with Analog Devices' following the closing; the risk that Analog Devices
and Linear Technology will be unable to retain and hire key personnel;
and the risk that disruption from the transaction may adversely affect
Linear Technology's or Analog Devices' business and relationships with
their customers, suppliers or employees. For additional information
about factors that could cause actual results to differ materially from
those described in the forward-looking statements, please refer to
Analog Devices' filings with the Securities and Exchange Commission
("SEC"), including the risk factors contained in Analog Devices' most
recent Annual Report on Form 10-K. Forward-looking statements represent
management's current expectations and are inherently uncertain. Except
as required by law, we do not undertake any obligation to update
forward-looking statements made by us to reflect subsequent events or
circumstances.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170118006136/en/
Analog Devices, Inc.
Ali Husain, 781-461-3282
Treasurer &
Director of Investor Relations
investor.relations@analog.com
Source: Analog Devices, Inc.
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