National Semiconductor to be acquired
Texas Instruments Inc. is buying National Semiconductor, one of the largest employers in South Portland, for $6.5 billion.
Dallas-based Texas Instruments will continue to operate National Semiconductor's manufacturing plants in South Portland, Scotland and Malaysia, according to a press release from the companies. The South Portland facility has 550 employees, and underwent a $58 million expansion in 2004 to meet growing demand for analog chip products, The Associated Press reported. Texas Instruments and Santa Clara, Calif.-based National Semiconductor have long been rivals in the analog chip market. TI Chairman, President and CEO Rich Templeton said the acquisition will increase his company's profitability and bring National Semiconductor's products to a larger market. In 2010, TI's analog revenue was $6 billion, and National Semiconductor's was about $1.6 billion, according to the release.
The $25-per-share, all-cash transaction is subject to regulatory approval and expected to close in six to nine months.
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