Santa Ana-based Microsemi and AVX of Great...

Santa Ana-based Microsemi and AVX of Great Neck, N.Y., have completed their previously announced recapitalization of San Diego-based Vitarel Microelectronics, a maker of microelectronic components. Under the plan, Microsemi has acquired 60% of Vitarel’s approximately 11 million shares outstanding and has the option of acquiring the remaining stock. Vitarel made a private sale of 8 million more shares of stock to Microsemi and AVX. AVX, a maker of ceramic capacitors, owns 17% of Vitarel’s stock. AVX’s other shareholders own the remaining 23%. Microsemi, a maker of semiconductor components, and AVX are providing $4.1 million of equity and working capital to Vitarel. Vitarel’s founder, G. Robert Tatum III, will continue as president and chief executive.