SOUTH PORTLAND, Maine -- Fairchild Semiconductor International has completed its acquisition of QT Optoelectronics Inc. and plans to make additional purchases to further its position in the $6 billion optoelectronics market, the company reported today.
Fairchild acquired QTO for approximately $97.8 million dollars, 87.5% paid in Fairchild stock with the remainder in cash (see April 10 story). Fairchild reported that it plans to maintain QTO's identity as QT Optoelectronics, a Fairchild company.
"With QTO as a base, Fairchild plans to increase its presence in the optoelectronics market through additional acquisitions," said Kirk Pond, Fairchild's president, chairman and CEO. "QTO strengthens our communications and computer markets, while creating new opportunities in the automotive and consumer segments."
QTO's, which designs and produces optocouplers, light-emitting diodes (LEDs), lamps and displays and infrared components, is based in Sunnyvale, Calif., but its primary engineering and manufacturing operations are in Kuala Lumpur, Malaysia, and Wuxi, China. The company also maintains a wafer fab and die preparation facility in Singapore.
The acquisition of QTO, which projects 2000 revenues to be nearly $90 million, is part of Fairchild?s Phase Two growth strategy in which the company plans to double its revenue by 2002.
Since becoming an independent company in 1997, Fairchild has already more than doubled its annual revenue from $690 million to a current run rate of more than $1.6 billion, reported Joe Martin, Fairchild's vice president and chief financial officer.