SAN JOSE, Calif. - Canada's Zarlink Semiconductor Inc. has sold its Jarfalla, Sweden campus to a company affiliated with the Stendorren group of companies.
The purchase price for the Jarfalla land and buildings is $16 million. Under the terms of the purchase agreement, Zarlink received $13.5 million in cash,$0.5 million in rent payments, and a term note for $2 million.
Zarlink's Medical Products Group research and development team will remain as one of the tenants at the Jarfalla campus.
In May, Zarlink sold the assets of its Optical Products group to Tyco Electronics for approximately $15 million in cash.
In July, Zarlink issued first quarter fiscal 2011 results for the three-month period ended June 25. First quarter revenue grew to $58.7 million, exceeding the company's guidance range of $57.0 to $58.5 million, up 6 percent from Q4 and 18 percent from the same quarter last year.
Net income in Q1 was $10.3 million or $0.08 per basic share and $0.07 per diluted share. For Q2, Zarlink is forecasting revenue to be between $58.5 million and $60.5 million.
This month, Zarlink announced that its MICS (Medical Implant Communications Service) wireless radio technology is designed into the world's first implanted medical device used to treat both hypertension (high blood pressure) and heart failure.
Developed by Minneapolis-based CVRx, the device triggers the body's natural physiological responses to regulate a patient's blood pressure and cardiovascular function.
The CVRx Rheos System includes a small pulse generator that is implanted under the skin below the collarbone and two small electrical contacts to the carotid sinus. An external programmer uses Zarlink's MICS radio to wirelessly program the pulse generator to activate receptors located at the carotid sinus.
These receptors then send chemical signals that the brain interprets as a rise in blood pressure and workload on the heart. This triggers the brain to take natural steps to improve cardiovascular function by reducing the heart rate, opening blood vessels, and releasing fluid from the body through the kidneys. The wireless radio link can also be used to adjust performance of the implanted device as necessary to meet each patient's individual needs.
Funny title. A high tech company selling some land and buildings is hardly news of interests to most people. It is actually very common in a semi biz which bring the question why these companies buy real estate in a first place?...the real news here is that Zarlink MICS chip is implanted to regulate both heart and blood pressure.Amazing! Kris