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International Rectifier

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BUSINESS
December 24, 2002 | From Bloomberg News
International Rectifier Corp., an El Segundo-based semiconductor maker, said costs for job cuts, plant closings and write-downs will cut second-quarter earnings by $180 million to $210 million. International Rectifier didn't say how many jobs were being cut but said severance costs will be about $20 million to $25 million, more than the $15 million to $20 million previously announced. The company is cutting jobs and consolidating factories to reduce expenses.
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BUSINESS
February 6, 2009 | Martin Zimmerman
International Rectifier Corp. said Thursday it would close its El Segundo semiconductor plant as part of a plan to slash its global workforce 18%. The El Segundo company announced the closure after reporting a fiscal second-quarter loss of $186.1 million, or $2.56 a share. The company reported a profit of $313,000 in the same quarter a year earlier. International Rectifier said it planned to eliminate 850 jobs in the current fiscal year, which ends June 30.
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BUSINESS
September 26, 1985
The Los Angeles-based pharmaceutical company, whose now-defunct European subsidiary once marketed a popular antibiotic drug called Doxycycline, paid an undisclosed cash settlement to the company that had invented and patented the drug--Pfizer Inc. of New York. Rectifier said the agreement is part of its objective of withdrawing from its remaining pharmaceutical business.
BUSINESS
October 14, 2008 | From the Associated Press
Chip maker Vishay Intertechnology Inc. said Monday that it had dropped its offer to buy El Segundo-based International Rectifier Corp.'s outstanding shares for $23 apiece. Vishay shares shot up $1.01, or 23%, to $5.40. International Rectifier shares also rose, gaining $1.49, or 10.7%, to $15.46. Malvern, Pa.
BUSINESS
February 6, 2009 | Martin Zimmerman
International Rectifier Corp. said Thursday it would close its El Segundo semiconductor plant as part of a plan to slash its global workforce 18%. The El Segundo company announced the closure after reporting a fiscal second-quarter loss of $186.1 million, or $2.56 a share. The company reported a profit of $313,000 in the same quarter a year earlier. International Rectifier said it planned to eliminate 850 jobs in the current fiscal year, which ends June 30.
BUSINESS
August 16, 2008 | Conor L. Sanchez, Times Staff Writer
Last year, Vishay Intertechnology Inc. bought a key unit of El Segundo's International Rectifier Corp. Now it wants the whole company. Vishay offered $1.6 billion Friday for International Rectifier, whose semiconductors help machines use less power and can be found in Sony's PlayStation 3 video game console. The deal values International Rectifier at $21.22 a share, 13% higher than Thursday's closing price of $18.82.
BUSINESS
June 22, 2002 | From Reuters
International Rectifier Corp. shares tumbled 26.4% Friday after a downgrade by an analyst who said the company's fiscal 2003 guidance was too aggressive. Banc of America Securities analyst Doug Lee downgraded the stock of the El Segundo semiconductor maker to "underperform" from "market performer," arguing that its financial guidance for the fiscal year ending June 2003 is too aggressive.
BUSINESS
January 21, 2000 | JAMES F. PELTZ, TIMES STAFF WRITER
International Rectifier Corp., as even its name implies, isn't in the sexiest end of the semiconductor industry. But dull is delightful these days for the company and its investors. Bolstered by several new products, a resurgent semiconductor industry, in-house cost cutting and soaring demand for wireless phones and other electronic gadgets that use its chips, International Rectifier's sales, profit and stock price have all been rebounding over the last few quarters.
BUSINESS
October 11, 2008 | From Times Wire Services
International Rectifier Corp. said shareholders rejected a slate of directors proposed by spurned suitor Vishay Intertechnology Inc. Investors at International Rectifier's annual meeting elected three incumbents to the board, the El Segundo-based company said, citing preliminary results. International Rectifier has rejected two unsolicited bids by Vishay since August, the latest for $23 a share, or $1.7 billion. Vishay is based in Malvern, Pa.
BUSINESS
September 17, 2008 | From Times Wire Services
Vishay Intertechnology Inc., a maker of electronic components for automobiles, said it planned to buy $1.7 billion in International Rectifier Corp. stock from shareholders after the El Segundo company rejected its sweetened bid. Vishay said it would go directly to stockholders with its $23-a-share tender offer after International Rectifier rebuffed the Malvern, Pa., company for a second time. International Rectifier turned down Vishay's first offer of $21.22, or $1.6 billion, last month, and said the latest offer "significantly undervalues" the company.
BUSINESS
September 11, 2008 | From the Associated Press
Chip maker Vishay Intertechnology Inc. said Wednesday that it had raised its all-cash bid for power management chip maker International Rectifier Corp. and would take the $1.7-billion offer directly to shareholders. Vishay raised its bid to $23 a share, from the $21.22 it offered in August. International Rectifier had rejected the previous offer as too low and not in shareholders' best interests. A spokesman said Wednesday that the company had no immediate comment. Vishay values the new offer at about $1.7 billion, up from $1.6 billion.
BUSINESS
August 30, 2008 | From Bloomberg News
International Rectifier Corp., whose semiconductors help machines use less power, has rejected a $1.6-billion takeover offer from Vishay Intertechnology Inc., saying it was worth more and could do better on its own. Managers hired in the last year, including Oleg Khaykin as chief executive, will help International Rectifier rebound, Chairman Richard Dahl said in a statement Friday. Vishay's offer, made Aug. 15, valued each share at $21.22, a 13% premium over the previous day's closing price.
BUSINESS
October 3, 2007 | Alex Pham, Times Staff Writer
The chief executive of International Rectifier Corp. resigned Tuesday, becoming the third and highest-ranking executive to leave the El Segundo-based company amid an internal investigation of accounting irregularities. The semiconductor company, whose energy-saving chips can be found in Sony's PlayStation 3 video game console, had placed CEO Alex Lidow on leave Aug. 30. Company spokesman Graham Robertson declined to state a reason for Lidow's departure.
BUSINESS
August 31, 2007 | Alex Pham, Times Staff Writer
International Rectifier Corp., an El Segundo-based chip maker, said Thursday that Chief Executive Alex Lidow had been placed on paid leave pending completion of an internal investigation into accounting irregularities. General Counsel Donald Dancer was named acting CEO. The move followed the dismissal in July of the company's chief financial officer.
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