Wolfson sold to Cirrus

David Milne - Elektra Awards 2012

Dr David Milne OBE – Elektra Awards 2012

Wolfson Microelectronics, which has never recovered from the resignation of co-founder David Milne, is to be sold to Cirrus Logic.

Milne led the company for 23 years making it a major force in the analogue IC world with a market cap of over a billion.

Since he left in 2007, the company has been on a downward trajectory. Sales were $231 million in 2007 for a $43 million profit. Sales last year were $180 million for a $12.6 million loss.

Cirrus will pay 235p per share compared to the market closing price last night of 134p. It values Wolfson at $488 million.

Wolfson made a $12.6 million loss last year, sacked 10% of its staff and borrowed £25 million from the bank.

Image: Dr David Milne OBE, receiving Elektra 2012 Lifetime Achievment Award

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