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June 16 (Bloomberg) -- Austriamicrosystems AG, an Austrian chipmaker, agreed to buy Texas Advanced Optoelectronic Solutions Inc. for about $320 million to profit from demand for sensors used in smartphones and tablet computers.
Austriamicrosystems will acquire closely held TAOS in a share and cash transaction, the Unterpremstaetten-based manufacturer said in a statement today. The company said it aims to close the deal in eight weeks, pending regulatory approval.
“TAOS holds a strong market position as a leading, high- volume provider to many major makers of mobile consumer electronics worldwide,” Austriamicrosystems Chief Executive Officer John Heugle said in the statement. “The strategic combination of Austriamicrosystems and TAOS creates a significant provider of advanced sensor technologies for the attractive smartphone and tablet PC markets.”
The U.S. company, based in a Plano, Texas, makes light and proximity sensors for products including mobile devices and high-definition televisions. TAOS’s sales doubled last year to $81 million, and operating profit exceeded 30 percent of revenue, Austriamicrosystems said.
The Austrian manufacturer had sales of 209 million euros ($296 million) and an operating margin of 13 percent last year, according to Bloomberg data. The new unit will add to earnings per share in the third quarter, the company said today.
Austriamicrosystems fell as much as 1.4 percent to 42.50 Swiss francs and was down 0.2 percent as of 9:40 a.m. in Zurich trading. The stock has declined 3.9 percent this year, valuing the company at 475 million francs ($558 million).
--Editors: Tom Lavell, Robert Valpuesta.
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