HELSINKI, Finland Ė The takeover of MEMS manufacturer VTI Technologies Oy here by Murata Manufacturing Co. Ltd. was completed with a name change to Murata Electronics Oy.
Japanese passives to power supplies giant Murata announced it was acquiring VTI for about 20 billion yen (about 190 million euro or $260 million) in cash back in October 2011 and VTI has been part of Murata since January 2012.
"Today is a memorable day: VTI Technologies Oy has become Murata Electronics Oy. The change of company name and visual identity clearly and strongly highlights the fact that this company is now an integral part of Murata," said Tsuneo Murata, president of Murata Manufacturing, in a statement. "Our aim is to strengthen the Murata brand worldwide, and this change supports our strategy. VTI has been recognized as a pioneer in MEMS technology, and now we want Murata to be the top-of-mind name also for high-quality MEMS sensors, in addition to other Murata products."
Shinji Ushiro, who becomes CEO and president of Murata Electronics Oy with effect from June 1, said it is Murata's objective to become one the world leading MEMS companies.
Murata, which manufactures passives to power supplies, MEMS and wireless modules, had annual revenues of 584.7 billion yen (about $7.34 billion) in the year to March 31, 2012.
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