FORT MYERS — Integrated Device Technology, a California-based manufacturer, has acquired Fox Electronics for $30 million in cash.
Fort Myers-based Fox Electronics reported 2011 annual sales of $23 million. The company makes essential parts for electronic products ranging from cellular phones to computers.
IDT, based in San Jose, is publicly traded (symbol: IDTI; recent price: $6). For the fiscal year ending April 1, IDT reported net income of $58 million on revenues of $527 million.
In a statement, E.L. Fox Jr., the president of Fox Electronics, says his company will now operate as a wholly owned subsidiary of IDT. “We will continue to operate under the Fox brand, maintaining our own website, support and sales channel. The acquisition will not impact our employees, so all of your Fox contacts, including representatives and distributors, will stay the same,” he says.
Click here to read a recent profile of Fox Electronics in the Business Review.