National becomes part of TI's Analog business and expands company's ability to deliver more products, expertise and support for customers
SANTA CLARA, Calif., Sept. 23, 2011 -- Texas Instruments Incorporated (TI) (NYSE: TXN) today announced the acquisition of National Semiconductor (NYSE: NSM) is complete.
"National is now a strategic part of TI's Analog growth engine. Together, we're focused on accelerating semiconductor innovation to improve performance and power efficiency for our customers' electronic systems," said Rich Templeton, TI's chairman, president and chief executive officer.
More than 5,000 National employees will immediately become part of TI. The two companies will begin the work to integrate National as a unit of TI's Analog business, which will have a combined portfolio of nearly 45,000 analog products, strong customer design tools, and a sales force that is 10 times larger than National's previous footprint.
"The closing of this transaction allows TI to expand its market presence with more leading-edge analog products, greater manufacturing capacity, and the largest sales and applications team in the industry. Together, we will serve more customers in more markets," Templeton said.
The transaction, announced on April 4, 2011, cleared all required regulatory reviews and was approved by National's shareholders. TI will include National's contribution to financial performance in the company's third-quarter earnings announcement on October 24.
With today's close, TI's Analog semiconductor business now represents more than 50 percent of the company's revenue.
TI will continue to operate National's manufacturing sites, located in Maine, Scotland and Malaysia, as well as business headquarters in Santa Clara and sales/design support around the world.
For more information, see www.ti.com/deliveringmoretogether.
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