Kathy Pitts: 919-990-8388
Patrick Gibbons: 919-541-6136
FOR IMMEDIATE RELEASE:
September 15, 2004
RTI International to Acquire Three Divisions
of MCNC's Research and Development Institute
RESEARCH TRIANGLE PARK, NC -- As part of a strategy to strengthen its core research and development capabilities, RTI International today announced that it intends to acquire three research divisions of MCNC's Research and Development Institute (MCNC-RDI) later this year.
The research divisions being acquired include MCNC's Signal Electronics Division, Materials and Electronic Technologies Division and Advanced Network Research Division. MCNC's Grid Computing and Ventures business units are not included in the RTI acquisition.
When finalized later this year, the acquisition will add the research staffs of all three MCNC-RDI divisions to RTI International's Science and Engineering Group. The former MCNC-RDI staff will continue work for their current clients.
As part of the deal, the MCNC-RDI research staff will continue to work at the MCNC facility on Cornwallis Road in office and laboratory space to be leased by RTI. The plan is for RTI to lease the MCNC space for at least the next three years.
"We are pleased to add these dedicated and talented researchers to our team," said RTI President Victoria Haynes. "Their addition represents a logical marriage of two excellent research organizations with similar roots and missions."
Research Triangle Institute, now known as RTI International, was created in 1958 from the vision of the government, industry and academic leadership of North Carolina to develop the intellectual capital of the state. MCNC, formerly known as Microelectronics Center of North Carolina, was founded by the North Carolina General Assembly in 1980 as a non-profit organization focused on economic development through partnerships with universities, business and government. MCNC later changed its name to reflect its expanded range of services and activities.
In January 2003, MCNC Research and Development Institute was established as a separate company from MCNC. Two venture capital funds were also created and are managed by MCNC-RDI.
Haynes said the agreement benefits RTI, MCNC-RDI and the state of North Carolina. "RTI benefits by acquiring a solid, growing research team and new technology avenues to pursue in research and development," Haynes said. "The acquisition will also allow the unacquired parts of MCNC-RDI to more sharply focus its resources to enhance economic development and job creation throughout North Carolina."
MCNC Chief Executive Dave Rizzo agreed. "The MCNC-RDI research groups being acquired will be much better served as part of a larger research organization such as RTI," Rizzo said. "In addition, the subsequent realignment of MCNC-RDI will focus our assets more aggressively on promoting economic development and job creation in North Carolina."
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