Harris Press Release


Harris Semiconductor Announces New Name; Reaffirms Commitment to Key Growth Markets

PALM BAY, FL., July 16, 1999 - Harris Corporation's semiconductor operation will change it name to Intersil Corporation when it separates from Harris as part of the previously announced sale.

Under its new name, Intersil is scheduled to operate as a subsidiary of Sterling Holding LLC, a Citicorp Venture Capital investment portfolio company beginning in early August, contingent upon financing, regulatory and certain other approvals.

"As part of Harris Corporation, we forged an enviable reputation as a leader in such areas as analog, mixed-signal, power semiconductor and high reliability radiation-hardened technology," said Gregory Williams, president of Harris Semiconductor. "As a stand-alone company, Intersil will have the speed and agility to grow market share in highly competitive markets. That is vital because we have focused on very competitive high-growth segments of the communications, power, and space/defense markets."

Williams cites several reasons for the selection of the Intersil name, "The first half of the new name signals our intention of pursuing Internet-related opportunities, while also conveying several other messages about our new company. We also are a company with system solutions in inter-disciplines, including communications, power and space and defense. The second half of the Intersil name underscores our legacy in world-class silicon technology."

Williams promises a complete company makeover for the 21st Century. "Our name change is symbolic of real structural, cultural and process changes that are planned and will continue for the remainder of this calendar year." According to Williams, the independent Intersil will be able to focus entirely on competing in today's semiconductor market and on winning share in selected high-growth markets.

"Internally, we are building relationships with customer partners, streamlining processes to move designs to market faster than ever before, and rewarding our teams for risk-taking, aggressive marketing, and energetic and innovative deployment of resources," Williams said. "We are single-mindedly committed to providing advanced silicon solutions where our core competencies bring clear technological advantage to our customers' products."

Williams cites evidence of leadership in the wireless networking market, where the company has invested heavily over the last four years. "Recent announcements endorsing our PRISM® WLAN chip set have come from heavyweights in the telecom, computer, networking and wireless industries," Williams said, "More than 40 companies use the PRISM chip set, including 3Com, Aironet, Compaq, Nokia, Nortel, and Samsung."

The company has also distinguished itself in power semiconductor markets with advanced integrated circuits (ICs) and discretes for today's demanding Pentium-class microprocessors and hot swap file server and Device Bay applications. "Our leadership in desktop power ICs is now being extended to laptops and file servers," adds Williams. "In addition, we will continue to build on our technology leadership in high speed IGBTs, radiation-hardened discretes, and automotive/industrial MOSFETs."

"The capabilities of our Space & Defense Business in both radiation-hardened and radiation-tolerant discrete semiconductors and integrated circuits position us well for continued leadership in the commercial and military space markets. We're particularly strong in power management applications in commercial and military satellites for space-based communications infrastructure, where our distributed power solution provides increased reliability and weight savings," Williams noted.

About Intersil Corporation (Harris Semiconductor)

Intersil Corporation will manufacture discrete devices and integrated circuits with R&D efforts focused on innovative new products for high-growth segments of the communications, power and space/defense markets. Intersil Corporation will employ 6,200 worldwide and enjoy the rich intellectual property heritage from Harris, GE Solid State and RCA. Previously, Harris reached an agreement to sell its semiconductor business, and subject to completion of the transaction in early August, Intersil Corporation will launch a new marketing and advertising campaign to unveil its new logo and identity.

This press release contains forward-looking statements made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect management's current assumptions and estimates of future performance and economic conditions. Specific risks include the timing of the expected date of completion for the transaction; continued development and market acceptance of new products - especially semiconductor wireless products; and the ability to execute management's plan to modify its internal structure. In addition, Harris cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends and events to differ materially from those matters expressed in or implied by such forward-looking statements.

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