- July (9)
- Cirtek Holdings acquires local tech company
- Cirtek Holdings to acquire Remec Broadband
- Cirtek buys tech manufacturing firm
- Cirtek acquires IT product maker
- 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
- February (2)
- January (3)
- July (9)
- November (7)
- Cirtek unit partners with German firm
- Cirtek shares up sharply after listing debut
- Cirtek starts share offer today
- Cirtek shares up 13.57% on listing
- Telefunken taps Cirtek unit to supply power regulators
- Cirtek Holdings Philippine Corporation conducts maiden listing
- Cirtek takes in Telefunken of Germany as tech partner
- October (8)
- Cirtek drops BDO Capital as underwriter for IPO
- Cirtek to push through with IPO
- Semiconductor firm Cirtek still keen on P660-M IPO
- Cirtek bullish despite exports drop
- Company doubling plant’s chip capacity
- Cirtek to brave stock market next month for listing debut
- Cirtek expands reach in Europe, inks deal
- Electronics firm carves out niche in slumping market
- September (4)
- July (2)
- June (3)
- May (2)
- January (1)
- November (7)
News & Updates
Cirtek expects $100-m revenues
Laguna-based semiconductor manufacturer Cirtek Holdings Philippines Corp. said it is on track to meet the $100-million consolidated sales target by 2015 with the acquisition of Remec Broadband Wireless Holding Inc.
Cirtek’s wholly-owned subsidiary Cirtek Electronics International Corp. recently agreed to purchase 100 percent of Remec Broadband’s manufacturing division for as much as $12 million.
“We expect the new business to make a material contribution to the Cirtek group’s business and financial performance moving forward. 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 fiscal year 2015,” Cirtek Holdings chief finance officer Anthony Buyawe said.
“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,” he said.
Remec Broadband Wireless International is 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 the Remec brand. 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.
CEIC will acquire RBWI 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.
The board of directors of each company approved the transaction, which is expected to close on July 30.