Remec, Inc., San Diego, announced today that it has signed an agreement to acquire for cash Pacific Microwave Corp. (PMC), a privately-held microwave electronics manufacturing company located in the Philippines. PMC has approximately 850 employees, including microwave engineers, technicians andassemblers.
PMC specializes in the assembly, manufacture and test of RF, microwave and millimeter wave gallium arsenide devices, components, subsystems and systems for broadband voice, video, and data transmission over wireless communications networks, covering a range of wireless frequencies, from DC to 50GHz range.
Remec designs and manufactures high frequency subsystems
used in the transmission of voice, video and data traffic over wireless communications networks and in defense electronics applications.
Ron Ragland, CEO and chairman of Remec, said, "The demand for
high-frequency Microwave Integrated Assemblies utilizing hybrid
'chip-and-wire' technology for broadband wireless applications is growing at a rapid rate.... This acquisition is very complementary to our Costa Rican endeavors and does not detract from our plans to develop our engineering and manufacturing capacity in China."
The transaction is subject to the execution of a definitive purchase agreement, final approval of the Board of Directors of Remec and the shareholders of PMC, and other customary terms and conditions. The parties intend to close the transaction by end of January 2001.