Cypress to Acquire Cascade

Cypress Semiconductor to acquire Cascade Semiconductor for an undisclosed amount, expanding its wireless product portfolio

October 20, 2003

1 Min Read

SAN JOSE, Calif. -- Cypress Semiconductor Corporation (NYSE:CY) and Cascade Semiconductor Corporation, a privately held company, today announced the signing of a definitive agreement for Cypress to acquire Cascade in a merger. Cascade, a company specializing in 1T Pseudo-SRAM products for wireless applications, has averaged quarterly revenues of approximately $3 million.

"Cascade complements Cypress in multiple ways," said Tony Alvarez, Cypress's executive vice president for the Memory Products Division. "First, it has volume shipments of 1T-Pseudo SRAM products at several accounts that are new to Cypress. It also adds to our product development capabilities in memories for the mobile phone segment. Finally, Cascade brings to Cypress experience in selling into the 'System-in-package' markets within the mobile handset industry."

"Cypress has developed very strong worldwide alliances with virtually every important channel in the wireless market," said Dr. Wenliang Chen, Cascade's co-founder and president. "In addition, it has a large, world-class sales, marketing and applications organization to facilitate market penetration of our extremely competitive products. The combined product portfolios of our companies will provide a line of mobile applications memories I believe is literally second to none."

The closing of the merger, which is expected in the 2003 fourth quarter, is subject to regulatory approvals and other customary conditions to closing. The transaction is expected to be accretive to Cypress's pro forma earnings starting in the first quarter of 2004.

Cypress Semiconductor Corp.

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