Cirrus Logic Inc., continuing the sell-off of its Pacific Communications Sciences Inc. unit, today announced the sale of its semiconductor business unit to Rockwell International Corp. for $18.1 million.
The news follows by a day the completion of Cirrus' sale of the wireless infrastructure equipment group of PCSI to ADC Telecommunications Inc. for $23 million. Cirrus will see a net gain in the third quarter from that sale, company officials said.
PCSI is a wholly-owned subsidiary of Cirrus, based in San Diego, Calif. The sale of the semiconductor business unit to Rockwell leaves only the Subscriber Unit group at PCSI.
Officials at the Newport Beach, Calif., division of Rockwell that will be making the purchase said the PCSI group, which is a leading supplier for Japan's advanced digital cordless Personal Handy Phone System, will become part of Rockwell's Wireless Communications Division.
"The PCSI team is well-aligned with our strategy of providing complete antenna to microphone chip set solutions," according to a statement by Vijay Parikh, vice president of Rockwell's wireless communications division. "And by leveraging the San Diego area's strong wireless communications industry, we intend to further strengthen Rockwell's talent and capabilities."
Stock in Cirrus and Rockwell were both down in early morning trading.