November 2, 2007
BURLINGTON, Ontario—Gennum Corporation has closed the sale of its hearing instrument products and manufacturing operations to Sound Design Technologies Ltd, a Gores Equity portfolio company. The sale was previously reported in the October 4, 2007 edition of The Insider. With this sale, Gennum achieves another significant milestone in its goal to focus its development efforts on next-generation high-performance optical, analog, and mixed-signal solutions.
Gennum’s hearing instrument product portfolio includes the Foundation®, Advanta™, Venture™, and Voyageur™ digital signal processing (DSP) products. Sound Design Technologies acquired Gennum’s thinSTAX® technology, a dense packaging and miniaturization capability critical for hearing aids and other assistive audio listening devices. Sound Design Technologies also acquired Gennum’s 95,000-square-foot manufacturing facility housing 100 mm wafer fabrication operations and leading-edge packaging technologies.
Proceeds in the form of cash and an interest-bearing note are approximately $12.5 million. The hearing instrument and manufacturing operations will remain headquartered in Burlington, Ontario.
Gennum and Gores Equity reached a definitive agreement for the sale on September 10, 2007.
SOURCE: Canada NewsWire