The former Vectron electronics plant in Mount Holly Springs will be changing hands for the second time in a little over four months.
Microchip Technology Inc. Thursday announced a deal to acquire the Microsemi Corp. for $68.78 per share in cash, or roughly $8.35 billion.
In late October 2017, Microsemi had acquired the assets of Vectron — including the Mount Holly Springs site — from Vectron’s former parent company, the Knowles Corp.
“This transaction represents a compelling opportunity for Microsemi stockholders, employees and customers by combining the leading embedded control market position of Microchip Technology with the world class power, security, reliability and performance solutions from Microsemi,” James J. Peterson, chairman and CEO of Microsemi, said in the announcement. “We are delighted to become part of Microchip Technology, a premier company in the semiconductor industry.”
Microsemi is a major producer of semiconductors and other frequency controls and sensors used in communications. The Mount Holly Springs site, specifically, builds military and aerospace controls.
Microchip Technology is headquartered in Chandler, Arizona, and Microsemi in Aliso Viejo, California. The companies maintain dozens of facilities worldwide.
What is now the Vectron plant was originally built by McCoy Electronics in 1952, according to The Sentinel’s archives. The company was one of several local manufacturers who pioneered the development of piezoelectric technology, using quartz crystals to build radio controls that would lead to the rapid development of electronics after WWII.
McCoy Electronics eventually became part of Oak Industries, which was acquired by Corning in 2000. Corning sold the site to Vectron in 2004 due to a downturn in the telecommunications market, according to Sentinel reports at the time.