Microchip Technology Inc. buys competitor

Today semiconductor and microchip manufacturer Microchip Technologies announced that it will purchase its smaller rival Standard Microsystems Corp., reports Reuters. The move by Microchip will give them access to an important area of microprocessor production: the automotive industry. This area of microprocessor production is already lucrative and expected to grow significantly as high-end accessories, such as in-car technology to communicate with driver and passenger personal devices, come down in price. This is Microchip Technology's first acquisition since before the financial crisis.