12/17/2004 - TriQuint Semiconductor, Inc. (Nasdaq: TQNT) announced that it has entered into a definitive agreement to acquire TFR Technologies, Inc., of Bend, Oregon, in a cash transaction scheduled to close in early January 2005. TFR Technologies is a technology pioneer of thin film resonator filters for communication applications using bulk acoustic wave (BAW) or film bulk acoustic resonator (FBAR) technology. TFR has developed critical intellectual property and the technological know-how required to produce BAW filter and resonator products. Completion of the transaction is subject to normal and customary closing conditions.
Commenting on the acquisition, Ralph Quinsey, President and CEO of TriQuint stated, “I am delighted that we have reached an agreement with TFR Technologies to join the TriQuint team. TriQuint is focused on offering integrated front-end radio products to our customers, and TFR’s BAW technology is vital to meeting the need for higher frequency filtering in next-generation wireless communications products.”
Ken Lakin, President and founder of TFR Technologies, stated, “BAW technology has finally come of age and is prepared to meet the challenges of high volume applications. TFR is assuring its long term success in joining TriQuint to supply the future filter needs of both high volume consumer wireless markets and lower volume opportunities that require the high frequency, small size, and high selectivity of BAW products.”
Quinsey explained that BAW based filters are a natural complement to surface acoustic wave (SAW) filters that are widely used in today’s wireless phones. BAW technology expands the frequency range of TriQuint’s acoustic filter technology from 2.5 GHz – the high end of SAW filter design parameters – to over 10 GHz. This capability expansion enables TriQuint to offer small size, high performance acoustic filters to existing and higher frequency 3G cellular applications that are expected to define the future of wireless communications. Adding BAW technology to TriQuint’s portfolio also expands potential markets into WiFi, WiMax, GPS and other broadband applications.
“TFR’s technology is already widely used in military applications, and we see opportunity to expand TriQuint’s existing relationships and opportunities in the military market. We plan to integrate TFR Technologies into our Sawtek subsidiary, which is recognized as one of the industry leaders in surface acoustic filtering, to create a low cost, high volume SAW/BAW operation. Based on the success we have with Sawtek, I am confident that this will be an outstanding acquisition for TriQuint,” Quinsey said.
Quinsey also remarked that in addition to the extensive technology and product portfolio that TFR brings to the TriQuint family, the company also gains a team of highly talented individuals, including Ken Lakin, TFR’s founder and a recognized leader in the field of BAW technology. TFR is a profitable operation that TriQuint predicts will be additive to earnings excluding the impact of first quarter acquisition related charges.
TriQuint will discuss this acquisition as part of its previously announced mid-quarter update conference call at 2:00 p.m. PST today, December 14, 2004. The call can be heard via webcast accessed through the “Investors” section of TriQuint’s web site: www.triquint.com, or through www.Vcall.com. A replay will be available for 7 days by dialing (303) 590-3000, passcode 11015014#.
TriQuint Semiconductor, Inc. (Nasdaq: TQNT) is a leading supplier of high performance products for communications applications. The company focuses on the specialized expertise, materials and know-how for RF/IF and optical applications. The company enjoys diversity in its markets, applications, products, technology and customer base. Markets include wireless phones, base stations, optical networks, broadband and microwave, and aerospace and defense. TriQuint provides customers with standard and custom product solutions as well as foundry services. Products are based on advanced process technologies including gallium arsenide, indium phosphide, silicon germanium, and surface acoustic wave (SAW). TriQuint customers include major communications companies worldwide. TriQuint has manufacturing facilities in Oregon, Texas, Pennsylvania and Florida, as well as production assembly plants in Costa Rica and Mexico, plus sales/application support offices in China and design centers in New England, Germany and Taiwan. All manufacturing and production facilities are registered to the ISO9001:2000 international quality standard.
TriQuint is headquartered at 2300 NE Brookwood Parkway, Hillsboro, OR 97124 and can be reached at 503/615-9000 (fax 503/615-8900). Visit the TriQuint web site at http://www.triquint.com.
About TFR Technologies, Inc.
TFR Technologies, Inc., is a privately held developer and manufacturer of frequency control devices using proprietary thin film resonator technology. This technology provides previously unobtainable combinations of small size and frequency performance. Its products are applicable for cell phones, GPS receivers and government and military applications. The technology is protected by a number of issued and pending patents.
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