Title: CSR and Zoran Combine To Create a Leading Provider of Platforms and Solutions to
Post by: newsprovider on August 31, 2011, 10:44:32 AM
Delivers Economies Of Scale And Enhances Earnings
CAMBRIDGE, UK and Sunnyvale, Calif, 31 August, 2011 – CSR plc. (LSE: CSR) and Zoran Corporation (Nasdaq: ZRAN) today completed their merger to create a global leader in wireless connectivity, location-aware, imaging, video, and audio products.
Joep van Beurden, CEO of CSR said, “We see a whole range of growth opportunities in digital entertainment, connectivity and location. This merger brings together CSR’s skills in location, wireless connectivity, and audio with Zoran’s expertise in imaging and video. The new capabilities from Zoran will enable the new enlarged company to create product platforms that allow our customers to create better products such as digital still and video cameras, digital televisions, audio products such as soundbars (compact remote speakers) and headsets, and entertainment systems in cars.
“The merger also delivers economies of scale and is strongly earnings enhancing. As we expand our business into more segments, this transaction is a major step forward towards our goal of achieving greater scale and increased profitability.”
Dr. Levy Gerzberg co-founder, President and CEO of Zoran said, “Bringing CSR and Zoran together will enable us to create new and compelling propositions for our customers as we deliver highly integrated platforms with leading capabilities.
“Zoran is the clear market leader in digital cameras, printers and the U.S. DTV space. We expect the merger will enable CSR to integrate its connectivity solutions across all our product platforms and allow us to tackle multiple new markets, such as automotive infotainment, gaming and others."
CSR’s Chairman, CEO and CFO will lead the merged company. Dr. Levy Gerzberg, Co-Founder, President, CEO and Director of Zoran will be joining the CSR board as a Non-Executive Director.
The new company continues to be listed in the UK on the London Stock Exchange with the symbol CSR. It will also be listed on Nasdaq with the ticker symbol CSRE.
The enlarged CSR group will have its global headquarters in Cambridge UK, with offices in 15 countries. The combined group will have around 3,000 employees and 2010 combined proforma revenues of CSR and Zoran were approximately $1.2bn.