Spectrum to acquire Micro Networks for $13 mln

AP News
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Posted: Nov 23, 2009 3:35 PM

Spectrum Control Inc., a specialty manufacturer of defense and medical electronics, said Monday it would acquire Micro Networks Corp. from its parent company for $13 million.

The purchase from Integrated Device Technology Inc. is expected to close by the end of November.

Micro Networks' products include integrated microwave assemblies that complement Spectrum's own microwave components business, said Spectrum CEO Dick Southworth.

Its customers are also largely in the defense and aerospace industry. Micro Networks has annual revenue of about $14 million.

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Spectrum shares were up 53 cents, or 6.2 percent, at $9.08 in afternoon trading Monday after the announcement. Integrated Device Technology shares rose a penny to $5.98.