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Teledyne Buys Rockwell Scientific For $167.5m

Diversified high-tech company Teledyne Technologies completes its $167.5 million cash acquisition of compound semiconductor foundry owner Rockwell Scientific.

Teledyne Technologies has bought compound semiconductor IC manufacturer Rockwell Scientific in a cash deal worth $167.5 million.

Rockwell Scientific, which was previously owned by parent companies Rockwell Automation and Rockwell Collins, specializes in advanced semiconductor applications including many based on a wide range of compound materials.

These include GaAs and SiGe for mixed signal ICs, and the company operates a GaAs foundry where it makes PHEMTs and MMICs for low-noise amplifier and power amplifier applications.

Rockwell's technological expertise extends to GaN-based HEMTs, InP HBTs, InAs HEMTs, SiC-based Schottky diodes, and MEMS-based RF components. Its total sales in fiscal 2005 were $114 million.

The company has developed a SiC-based motor drive that is claimed to operate at an efficiency of 99.4 per cent, as well as 50 W output SiC MESFET power amplifier modules for wireless communications.

The Teledyne group of companies makes everything from fighter aircraft ejector seat electronics to LED backlights for flat-panel displays. It acquired Celeritek's defense electronics business in 2004 when the GaAs manufacturer was wound up amid financial difficulties.

The Rockwell acquisition was funded through Teledyne's $400 million credit facility, and Rockwell Scientific's previous owners will retain certain liabilities under the terms agreed.

Following Teledyne's acquisition, Rockwell Scientific will be split into two divisions, known as Teledyne Scientific Company and Teledyne Imaging Sensors.

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