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September 24, 1997updated 03 Sep 2016 7:50pm

MICRONAS BROADENS CHIP BUSINESS WITH ITT INTERMETAL BUY

By CBR Staff Writer

High-flying European chip maker Micronas Semiconductor Holding AG, based in Zurich, Switzerland, has acquired the German ITT Intermetal unit of White Plains, New York-based diversified manufacturing company ITT Industries Inc. ITT Intermetal makes processors for televisions and audio equipment. With Micronas’ annual sales increased to the equivalent of $200m and the number of employees up from 400 to 1,600, the deal is expected to quadruple the size of the company’s business, making Micronas the largest European independent supplier of analog and mixed signal microprocessors. Terms were not disclosed. Micronas currently makes up to three quarters of its revenues selling chips to Finnish telecommunications company Nokia Oy, although it is also a player in consumer, automobile and industrial sectors, areas it hopes to expand through the new acquisition. Micronas has specialized in the areas of integrated switches, high-frequency filters and microsensors, and is a subsidiary of the German Micronas Group. Despite explosive growth since its flotation on the Swiss stock exchange last year, Micronas has reported a first half loss of SwFr2.1 ($1.4m), attributed to problems caused by the flooding of a Finnish plant.

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