It’s official: Tustin-based SI Technologies Inc. on Thursday was bought by Vishay Intertechnology Inc.
Malvern, Pa.-based electronics component maker Vishay completed its buy of SI for roughly $18 million and said it would pay up to $12 million of SI’s debt. SI currently has about $11 million in debt.
The deal had been approved by the companies’ boards last month. On Thursday SI’s shareholders approved the deal. The buy first was announced in October.
SI, which makes industrial sensors and control devices, reported sales of $36.2 million for the 12 months ended July 31.
The buy will further reinforce Vishay’s position in the transducer, instrumentation and systems markets, said Dr. Felix Zandman, Vishay chairman, in a release.
“As we have consolidated our past acquisitions of manufacturers in the load cell business, we intend to add SI Technologies with the brand name ‘Revere’ to our portfolio,” he said.
The SI buy is part of Vishay’s plan to grow, in part, through acquisitions, Zandman said.
The company counted 145 workers in Tustin a year ago when the Business Journal compiled its annual list of public companies. Overall, SI has some 240 workers.
