NORWOOD, Mass.--(BUSINESS WIRE)--
Analog
Devices, Inc. (NASDAQ: ADI)
today announced that it has completed the previously-announced sale of
the assets of its microphone product line to InvenSense, Inc. (NYSE:
INVN). The total cash consideration of $100 million paid to ADI includes
the purchase price for the acquired assets related to analog and digital
output microphones, as well as certain support operations. ADI will
record a one-time gain in the fourth quarter of fiscal year 2013 related
to this transaction.
The divestiture allows ADI to further focus on high performance inertial
sensors to serve the high growth opportunities in automotive,
industrial, and healthcare applications.
Additional amounts will be payable to ADI over the next twelve months
upon the achievement of certain revenue milestones by InvenSense based
on microphone sales.
About Analog Devices
Innovation, performance, and excellence are the cultural pillars on
which Analog Devices has built one of the longest standing, highest
growth companies within the technology sector. Acknowledged
industry-wide as the world leader in data conversion and signal
conditioning technology, Analog Devices serves over 60,000 customers,
representing virtually all types of electronic equipment. Analog Devices
is headquartered in Norwood, Massachusetts, with design and
manufacturing facilities throughout the world. Analog Devices' common
stock is included in the S&P 500 Index.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements address a variety of subjects including, for
example: the potential payment to ADI of additional amounts based on
revenue from sales by InvenSense of microphones; the expected benefits
of the transaction to ADI; and ADI's future business strategy.
Statements that are not historical facts, including statements about
beliefs and expectations, are forward-looking statements. Such
statements are based on 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: ADI may not receive all or any part of the
additional consideration; the transaction may involve unexpected costs,
thereby reducing the net proceeds to ADI; the expected benefits of the
transaction may not be achieved in a timely manner, or at all; and
disruption from the transaction may adversely affect relationships with
customers, suppliers or employees. For detailed information about
factors that could cause ADI's actual results to differ materially from
those described in the forward-looking statements, please refer to ADI's
filings with the Securities and Exchange Commission, including ADI's
most recent Quarterly Report on Form 10-Q. Forward-looking statements
represent management's current expectations and are inherently
uncertain. We do not undertake any obligation to update forward-looking
statements made by us.
Investors Contact:
Analog Devices, Inc.
Ali Husain,
781-461-3282
investor.relations@analog.com
Source: Analog Devices, Inc.
News Provided by Acquire Media
