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Technology Stocks : International Rectifier (IRF) -- Ignore unavailable to you. Want to Upgrade?

To: DanZ who wrote (928)	3/9/1998 11:57:00 AM
From: Gravitar	Respond to of 1712

International Rectifier Lands Exclusive Steering Contract Business Wire - March 09, 1998 11:48 EL SEGUNDO, Calif.--(BUSINESS WIRE)--March 9, 1998--International Rectifier Corp. (NYSE:IRF) Monday announced that a major U.S. automotive systems supplier awarded International Rectifier an exclusive four-year contract to develop and manufacture an automotive electronic power steering power control module slated for market introduction beginning with model year 2000. The new design replaces conventional hydraulic power steering with an electronic system that dramatically improves performance and safety and cuts fuel consumption by as much as two miles per gallon. It also simplifies manufacturing and significantly reduces assembly time for automakers. These systems are expected to ramp to high-volume production for model year 2000 or 2001, starting in Europe and expanding rapidly into other markets. International Rectifier forecasts a five-year compounded annual growth rate of greater than 50 percent for these systems. By 2010, an estimated one out of every three cars produced in the world are expected to use some form of electrically assisted steering. "Electronic power steering is the most significant advance in automotive electronics since anti-lock braking," commented Alex Lidow, International Rectifier chief executive officer. "International Rectifier's benchmark technology and unparalleled capabilities in power conversion play an integral role in setting the industry standard." International Rectifier formed its Automotive Systems Group in February 1997 to develop and deliver unique power conversion solutions which offer significant performance and efficiency advantages for automotive applications. International Rectifier is a major worldwide supplier of components and subsystems that convert electrical power to operate power supplies, motor drives and lighting ballasts. Its patented HEXFET power MOSFETs and IGBTs make IR the world leader in field effect transistors. IR's technological advances improve the performance and energy efficiency of electronic and electrical equipment in automotive, consumer, computer/peripheral, industrial, lighting, telecom and government/space applications. The foregoing material includes some forward-looking statements. The company cautions that such statements are subject to a number of uncertainties, and actual results may differ materially. Factors that could affect the company's actual results include new technology introductions, availability and pricing of competitors' products, manufacturing yields, the rate of customer inventory adjustment, rescheduling of delivery dates, cancellations, product mix, performance of third-party resellers, currency exchange rates, interest rates, competitive technologies, general economic conditions in the company's markets around the world, and other uncertainties disclosed in the company's filings with the Securities and Exchange Commission.