Maxim sells to Analog Devices for $21 billion

PORTLAND — Maxim Integrated Products, a Silicon Valley company with a large factory near Beaverton, said Monday it will sell its business to rival Analog Devices for $21 billion in stock.

Maxim employs several hundred in Washington County, where it makes analog chips that provide a supporting role in a range of consumer and industrial products. For example, Maxim’s products assist with power management inside cars and improve efficiency inside data centers.

While Maxim’s chips aren’t on the cutting edge technologically, they provide essential assistance as manufacturers work to make their factories more efficient, add functions to their smartphones or add embedded computers into industrial equipment.

Maxim reported $2.3 billion in revenue last year and profits of $827.5 million. Its stock jumped 14.6% in early trading Monday to $73.45; shares were already near their highest point since the dot-com era.

The combination with Analog Devices will create a large competitor to Texas Instruments, the industry leader.

Maxim’s 312,000-square-foot Oregon site is its second-biggest factory, after a facility in the Philippines. The company acquired the site in 1994 and expanded it in 2016 to accommodate administrative and engineering personnel who had been working in Hillsboro.

Historically, Maxim has employed more than 800 altogether in Washington County. The company did not immediately say how its sale will affect its Oregon operations.