Recapitalization of S.D. Firm Completed by Microsemi, AVX
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Microsemi of Santa Ana and AVX of Great Neck, N.Y. have completed their previously announced recapitalization of San Diego-based Vitarel Microelectronics, a maker of microelectronic components.
Microsemi has acquired 60% of Vitarel’s approximately 11 million shares outstanding and has the option to acquire the remaining stock. Vitarel privately sold an additional 8 million shares to Microsemi and AVX.
AVX, which makes ceramic capacitors, owns 17% of Vitarel’s stock; AVX’s other shareholders own the remaining 23%.
Microsemi, a maker of semiconductor components, and AVX are providing $4.1 million of equity and working capital to Vitarel.
Vitarel founder G. Robert Tatum III will continue as president and chief executive.
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