January 22, 1999 |
Cypress Semiconductor Corp., which makes microchips for computers and telecommunications uses, agreed to buy IC Works Inc., a closely held maker of integrated-circuit timing equipment, for about $130.2 million in stock. Cypress, which reported 1997 revenue of about $500 million, will issue 13.7 million shares of its stock to ICW shareholders. ICW has annual revenue of about $70.4 million. San Jose-based Cypress said it expects the acquisition to help it penetrate the PC market.