News & Updates

Cirtek acquires IT product maker

Cirtek Holdings Philippines Corp., a Laguna-based semiconductor assembly and test company, said it acquired a local manufacturer of integrated technology products to expand its production line.

Cirtek in a disclosure to the stock exchange said wholly-owned unit Cirtek Electronics International Corp. signed a share purchase agreement to acquire 100 percent of Remec Broadband Wireless Holdings Inc.  It did not disclose the value of the transaction.

Remec Broadband, which is also based in Calamba, Laguna, develops and manufactures telecommunications infrastructure products for voice, video and data transfer over wireless networks.

It offers wireless modules and systems as well as radio frequency, microwave and millimeter wave products.

Cirtek said the acquisition would enable the company to expand its product and technology portfolio and enhance manufacturing capacity and capability.

It said the deal would also give Cirtek the ability to provide customers with vertically integrated solutions from component, module, to system level and boost its presence in the high-growth wireless communication space.

“The acquisition at the consolidated level will result in an increase in the balance sheet, higher sales and higher profitability for Cirtek,” the company said.

Cirtek recorded a net income of $2 million in the first half, up 12 percent from $1.8 million a year ago as revenues grew 11 percent to $21.4 million from $19.3 million.


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