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- Cirtek, Remec seal $10-M purchase seal
- Cirtek Electronics targets sales of $100 million
- Cirtek on track for $100-million sales
- Cirtek expects $100-m revenues
- Semiconductor maker Cirtek buys Remec Broadband Wireless
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News & Updates
Cirtek on track for $100-million sales
by James Loyola
Laguna-based semiconductor manufacturer Cirtek Holdings Philippines Corporation’s (CHPC) acquisition of a new wireless business will put it on track to meet its $100-million consolidated sales target by 2015.
CHPC’s wholly-owned subsidiary Cirtek Electronics International Corporation (CEIC) is buying the manufacturing division of REMEC Broadband Wireless Holding, Inc. (RBWH) for $10 million to $12 million.
The final amount will be determined based on the net asset value of RBWI as of the closing date of the transaction, with such determination to be agreed to by the parties.
“We expect the new business to make a material contribution to the Cirtek group’s business and financial performance moving forward,” Cirtek Holdings CFO Anthony Buyawe said.
He added that “this acquisition, together with the sustained expansion of our core business, puts Cirtek in a strong position to achieve $100 million in consolidated sales by FY2015.”
According to Buyawe, “the acquisition immediately expands Cirtek’s manufacturing capacity and capability, adds to Cirtek’s customer base, and further increases the presence of Cirtek in high-growth end markets such as telecommunication, automotive, medical, satellite communication, aerospace and defense.”
CEIC is buying 100 percent of the shares of REMEC’s manufacturing division, REMEC Broadband Wireless International, Inc. (RBWI), a Philippine-based manufacturer of value added, highly integrated technology products.
REMEC and its remaining subsidiaries will continue to design and market its top-of-class telecommunications products globally under its “REMEC” brand, and, as part of this sale, REMEC will enter into a manufacturing agreement with Cirtek to manufacture REMEC’s products under a long term contract manufacturing relationship.
CHPC expects to fund the transaction through a combination of available cash on hand and proceeds from a corporate notes issuance.
“REMEC’s proven and robust manufacturing and product capabilities, and high level of engineering and technical expertise in the wireless communication industry, complement Cirtek’s current competencies in customer- and application-specific IC packages,” said CHPC chairman Jerry Liu.
He added that, “combined, we are now well-positioned to provide more comprehensive and sophisticated solutions to our existing customers and to the addressable market.”