Cypress takes $10B buyout

Germany-based Infineon reached a $10.1 billion deal to acquire Cypress Semiconductor, founded in 1982 by former Advanced Micro Devices employees and based in San Jose, Calif. Cypress makes chips for a wide range of devices from household electronics like wireless speakers, to industrial systems like robotic production equipment on factory floors. Cypress sales were down 7 percent in the first quarter to $539 million, but with the company more than doubling profits from a year ago to $19.7 million.