Tustin-based SI Technologies Inc. said Thursday it was still on track to be bought by Vishay Intertechnology Inc.
Malvern, Pa.-based electronic component maker Vishay signed a deal to buy SI for $17.7 million late last year. The deal has been approved by the companies’ boards, but still needs shareholder approval, the company said in a filing with the Securities and Exchange Commission.
The deal, which initially was expected to close in the first quarter, now is set to close in May.
Meanwhile, SI, which makes industrial sensors and control devices, said sales rose 2% to $9.5 million in the quarter ended Jan. 31. The company benefited from a jump in overall sales, plus the declining U.S. dollar boosted the value of its European sales.
But the company’s operating profit fell to $106,000, versus a profit of $264,000 a year earlier.
SI said in its quarterly filing that profit was affected by a rise in its rent at its Tustin plant “due to a short term lease (month to month) in anticipation of the acquisition by Vishay.”
The company counted 145 workers in Tustin a year ago when the Business Journal compiled its list of public companies. Overall, SI has some 240 workers.
