SOLD: Cirrus Logic Sells Apex Precision Power Business
In 1984, Cirrus Logic began developing high-precision integrated circuits for a broad range of innovative customers, according to their web site. Cirrus Logic seemed to have dominated innovation, with its more than 1,000 patents, 700 products, serving more than 2500 end users around the globe.
This month, however, marks new beginnings for their Apex Precision Power business as the sale of that division has officially happened. The new business is called Apex Microtechnology and is to be based in Tucson, Arizona. Actually, Apex Microtechnology was founded in 1980, but was acquired by Cirrus Logic in 2007. Now after spending five years as a part of Austin based Cirrus, Apex Microtechnology has come full circle and will once again be returned to its stand-alone corporation status.
Apex Microtechnology is now a privately held company manufacturing precision power analog monolithic, hybrid and open frame components for a wide range of industrial, test and measurement, medical, aerospace and military applications.
This doesn’t mean that Cirrus is going away though. The business will now focus on a high-voltage, high-power integrated circuit design team in Tucson as well. Of the 676 employees, more than half of them are based in the Austin location.
With profits down slightly from the same time period last year, Cirrus reported a $6.9 million profit from their $99 million in revenue in the first quarter of 2012. During that time, they reported $9.2 million in profit on $92.2 million in revenue.
The Apex division was purchased for $26 million by a private investor.