Microchip Technology Incorporated (NASDAQ: MCHP), a leading
provider of microcontroller, analog and Flash-IP solutions, and Standard
Microsystems Corporation (NASDAQ: SMSC) today announced that
Microchip has completed its previously announced acquisition of SMSC.
“We are very pleased to have completed our acquisition of SMSC,” said
Steve Sanghi, President and CEO. "I welcome the SMSC employees into the
Microchip family and look forward to building a combined organization
that will bring the capabilities of both organizations to bear in the
As a result of the completion of the transaction, trading in SMSC common
stock on the NASDAQ Stock Market will cease.
The statement in this release relating to building a combined
organization that will bring the capabilities of both organizations to
bear in the marketplace is a forward-looking statement made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. This forward-looking statement is subject to a number of
business, economic, legal and other risks that are inherently uncertain
and difficult to predict, including, but not limited to: changes in
demand or market acceptance of the products of Microchip and SMSC and
the products of their customers; competitive developments; the costs and
outcome of any current or future litigation involving Microchip, SMSC or
the acquisition transaction; the effect of the acquisition on
Microchip’s and SMSC’s existing relationships with customers and vendors
and their operating results and businesses; the progress and costs of
development of Microchip and SMSC products and the timing and market
acceptance of those new products; Microchip’s ability to successfully
integrate SMSC’s operations and employees and retain key employees; and
general economic, industry or political conditions in the United States
or internationally. For a detailed discussion of these and other risk
factors, please refer to the SEC filings of Microchip and SMSC including
those on Forms 10-K and 10-Q. You can obtain copies of Forms 10-K and
10-Q and other relevant documents for free at Microchip’s website (www.microchip.com),
at SMSC’s website (www.smsc.com)
(as applicable) or the SEC's website (www.sec.gov)
or from commercial document retrieval services.
Stockholders of Microchip and SMSC are cautioned not to place undue
reliance on the forward-looking statements in this press release, which
speak only as of the date such statements are made. Neither Microchip
nor SMSC undertakes any obligation to publicly update any
forward-looking statements to reflect events, circumstances or new
information after this August 2, 2012 press release, or to reflect the
occurrence of unanticipated events.
SMSC (NASDAQ: SMSC) is a leading developer of Smart Mixed-Signal
Connectivity™ solutions. SMSC employs a unique systems level approach
that incorporates a broad set of technologies and intellectual property
to deliver differentiating products to its customers. The company is
focused on delivering connectivity solutions that enable the
proliferation of data in automobiles, consumer devices, PCs and other
applications. SMSC’s feature-rich products drive a number of industry
standards and include USB, MOST® automotive networking, Kleer®
and JukeBlox® wireless audio, embedded system control and
analog solutions, including thermal management and RightTouch®
capacitive sensing. SMSC is headquartered in New York and has offices
and research facilities in North America, Asia, Europe and India.
Additional information is available at www.smsc.com.
About Microchip Technology
Microchip Technology Inc. (NASDAQ: MCHP) is a leading provider of
microcontroller, analog and Flash-IP solutions, providing low-risk
product development, lower total system cost and faster time to market
for thousands of diverse customer applications worldwide. Headquartered
in Chandler, Arizona, Microchip offers outstanding technical support
along with dependable delivery and quality. For more information, visit
the Microchip website at http://www.microchip.com.
Note: The Microchip name and logo, and PIC are registered
trademarks of Microchip Technology Inc. in the USA and other countries.
SMSC, MOST, Kleer, RightTouch and JukeBlox are registered trademarks
and Smart Mixed-Signal Connectivity is a trademark of Standard
Microsystems Corporation. All other trademarks mentioned herein are the
property of their respective companies.