RF Micro Devices

  • 1991: RF Micro Devices founded in Greensboro by William Pratt, Powell Seymour and Jerry Neal.
  • April 1996: Joins forces with TRW and breaks ground on a new corporate headquarters at Deep River Corporate Park.
  • September 1996: RF Micro Devices announces $70 million investment for the next four years to build a microchip manufacturing plant in Greensboro.
  • October 1996: RF joins with N.C. A&T to create an historic partnership to keep engineering students in the Triad.
  • March 1997: Files registration papers with the Securities and Exchange Commission for and initial public offering (IPO) to sell common stock.
  • June 1997: Completes IPO, receiving $12 per share for three million shares, generating $36 million in proceeds.
  • January 1998: Awarded contracts by Nokia to supply the Finnish company with semiconductors for use in four models of digital phones.
  • August 1998: The fourth annual North Carolina Tech 50 Awards ranks RF Micro Devices number 5.
  • October 1998: Inc Magazine ranks RF one of the fastest-growing private companies in the United States. (The magazine bases its ranking on five years of growth ending with fiscal year 1997. RF’s fiscal year for 1997 ended in March of that year, three months before the company’s initial public offering).
  • March 1999: RF announces a stock split that is equal to a 100 percent stock dividend.
  • July 1999: RF proposed a $200 million manufacturing expansion that could add up to 800 high-tech jobs in Guilford County. Guilford County Board of Commissioners approves a tax incentive package.
  • August 1999: RF tops the N.C. Technology Fast 50 Companies list.
  • December 1999: Added to the Nasdaq 100 Index.
  • May 2000: Forms a separate research and development arm, based out of RF’s Greensboro headquarters.
  • July 2000: Announces another stock split, 2-for-1.
  • October 2000: Announces the opening of a new engineering and design center in Pandrup, Denmark.
  • May 2001: Announces that RF will be making microchips for two models of wireless phones produced by Siemens AG.
  • June 2001: Announces plans for a new manufacturing plant in China.
  • June 2002: RF appoints Bob Bruggeworth president.
  • July 2002: RF stock price is down 82 percent from its 18-month high in May 2001.
  • October 2002: Announces revenues of $119.7 million for the second quarter of fiscal 2003. (cq)
  • March 2003: Develops a new type of transistor for wireless communications towers.
  • May 2003: County, city and state offers the company $1.2 million for its expansion.
  • April 2004: Split its operations into three parts from one to focus on building each of its product areas.
  • June 2004: Request of $846,000 from the city of Greensboro brings to more than $2 million the amount that the company wants from the city and Guilford County to buy equipment, expand its facility and add about 75 employees by December 2005.
  • December 2004: Announces plans to add 75 jobs and invest $75 million at its headquarters near the airport in 2005
  • March 2005: Decides to close its wireless local area network development operations at two overseas locations and in San Jose, Calif
  • January 2006: Asks Guilford County for $1 million in economic incentives for an $80 million expansion that could create 300 jobs.
  • February 2006: Greensboro City Council pledges up to $590,000 in incentives in return for the company investing $80 million in its Greensboro facility and adding 300 jobs.
  • March 2006: Announces official plans to create 300 jobs as part of a fast-paced growth effort set to cost $80 million.
  • August 2007: Greensboro City Council unanimously approves a $1.2 million incentives package. The company wants to build a $103 million microchip wafer factory in Greensboro that would employ 300 workers. The money will be spread out over five years.
  • April 2008: Announces retirement of two cofounders – William J. Pratt, chief technical officer and Powell T. Seymour, corporate vice president of strategic operations and the deferment of plans to add more manufacturing jobs. Due to consolidation 80 employees are laid-off.
  • May 2008: Posts $16.5 million loss or 6 cents on a share and announces restructuring that will eliminate approximately 200 jobs in Greensboro. For the quarter ending March 29, the company’s revenue fell to $221.9 million, down from $257 million the previous quarter. Also announces plans to phase out its cellular transceiver business over the next two to three years. 200 employees are laid-off due to restructuring.
  • Feb 2009: Citing declining demand 150 employees are laid off.
  • Mar 2009: 100 jobs cut worldwide, including 45 jobs in marketing, sales and administrative positions in Greeensboro.
  • Apr 2009: losses for the recent quarter declined to $49.3 million from $818.3 million the previous quarter. That amount was unusually large because RF deducted $700 million from its balance sheet because of its declining financial outlook and value. The company has reduced inventories and expects to see growth in the quarter ending in June.
  • March 15, 2010: Announces 41 percent increase from the same quarter last year and the development of a way to manufacture photovoltaic cells (CPV) that convert sunlight into energy. Mass production is planned for 2012, with a potential market of more than $10 billion.
  • Oct 2010: RF Micro announces plans to do research and development work with the Joint School of Nanoscience and Nanoengineering, (a partnership between UNCG and N.C. A&T).
  • Oct 2011: Announces a new business group, the Compound Semiconductor Group. Company officials want to find markets for RF Micro products in areas such as green and renewable energy and industrial controls.
  • April 2012: Announces that Jerry Neal, the company’s co-founder and executive vice president of marketing , will retire on May 31.
  • July 2012: Reports a net quarterly loss of $19.1 million despite an increase in revenue of about 8 percent compared with the previous quarter.
  • Aug. 2012:RF Micro Devices files a lawsuit in China against two former employees the microchip maker says stole its technology.
  • March 2013:RF Micro Devices will close a plant in the United Kingdom and move one of its operations to Greensboro. The company has been producing a compound called gallium arsenide in north England for use in cellular switches. Much of that work will go to RF Micro's plant in Greensboro
  • April 2013: RF Micro Devices Inc. reported a $15.9 million loss in the fourth quarter of fiscal 2013, which ended March 30. It had a loss of $12.9 million in the fourth quarter of fiscal 2012.
  • June 2013:Robert Bruggeworth, RF's president and chief executive officer, received a 3 percent raise in salary to $662,925 in fiscal year 2013. His total compensation rose 17.3 percent to $4.22 million. Bruggeworth also received $662,073 in nonequity incentive-plan compensation after receiving none in fiscal 2012.
  • Sept. 2012:Defendants in the RF Micro Devices lawsuit, Jimmy S. Xiang, Xiaohang Du, Feng Wang and Vanchip Technologies Ltd. challenge the lawsuit, saying in their motion that RF Micro Devices did not raise questions in the two years since they began their enterprise and that the company is seeking to stop competition in a market that already is in decline.
  • July 2013: 120 positions cut.
  • Nov. 2013: Eliminated 20 factory positions.
  • Jan. 2014: RF becomes part of a consortium that includes six universities and 18 businesses that will focus on making the next generation of smaller, faster and more efficient electronic chips and devices used in motors, consumer electronics and the electric power grid. The Department of Energy is contributing $70 million over 5 years for the project and the state of N.C. will match that amount.
  • Feb. 24, 2014: Merger with TriQuint Semiconductor announced. The $1.6 billion merger deal will result in expected annual revenues of $2 billion. RF Micro employs about 1,300 people, TriQuint has about 900 employees.
  • Mar. 2014: RF won a contract from the Air Force Research Laboratory to produce new high-capacity Gallium Nitride (GaN) chips to power radar and military communications.
  • July 2014:RF Micro and TriQuint announced that they have each scheduled their shareholder meetings seeking approval of their merger to take place Sept. 5.
  • Sept. 5, 2014: RF Micro announced that company shareholders approved its plans for a merger and reorganization with TriQuint.
  • Nov. 24, 2014:RF Micro Devices and TriQuint Semiconductor announced that they have set Dec. 31 as the closing date for their merger. Their new name will be named Qorvo Inc.and trading of stock for the new company is set for Jan. 2, 2015 with the ticker symbol of QRVO.
  • Jan. 2, 2015: Combined company begins trading on the NASDAQ Global Stock Exchange under ticker symbol QRVO, opening at $69.00.

SEE Qorvo, Inc.





Compiled by Diane Lamb, News & Record Researcher.

Sources: News & Record archive; N.C. State Employment Security Commission; Triad Business Journal

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