Fairchild To Buy Raytheon Unit
Nov. 26, 1997
SOUTH PORTLAND, Maine (AP) _ Fairchild Semiconductor Corp. said Wednesday it has agreed to buy the semiconductor division of Raytheon Corp. for about $120 million in cash.
The acquisition, to be completed by year's end, comes eight months after Fairchild was spun off by National Semiconductor as an independent company.
The purchase will expand Fairchild's product mix to include analog and mixed signal integrated circuits for use in personal computers and broadcast video, Fairchild said.
``The acquisition of Raytheon Semiconductor is a clear affirmation of our strategy to grow through consolidation and acquisition,'' said Kirk Pond, Fairchild president and chief executive officer. ``This purchase clearly establishes Fairchild's role as the consolidator of multi-market semiconductor businesses.''
Raytheon Electronics Semiconductor, a division of defense electronics giant Raytheon Corp., is based in Mountain View, Calif., and has about 420 employees there and in San Diego.
Fairchild has a worldwide work force of 6,500 in Maine, Utah, California, Malaysia and the Philippines.