EL SEGUNDO, Calif., May 15, 2001 — International Rectifier Corp. today announced a strategic collaboration with Sanken Electric Co. Ltd. of Japan that includes joint design and development activity between the two power semiconductor companies for next-generation proprietary power management products.

The collaboration also includes a cross-shareholding arrangement. International Rectifier (IR) has agreed to purchase approximately 2 percent of Sanken shares, for about $13 million, and Sanken has agreed to purchase approximately 0.4 percent of IR shares, for about $13 million. The IR shares to be purchased by Sanken will be newly issued pursuant to a private placement.

The collaboration is planned to include:

* Joint technology development of next-generation analog ICs

* Joint standards for systems architectures in certain automotive, AC-DC, DC-DC and motion control application areas

* Collaboration on capacity management

* Joint sales and marketing in certain regions

“Sanken and IR have worked very closely together for more than a decade,” said Dr. Alex Lidow, CEO of International Rectifier. “We have been very successful with our joint product development activities, and both companies have benefited from greater access to the markets in Japan and the Americas. I see this new strategic effort as a natural progression of our relationship that can yield even greater benefits for both companies in the future.”

Sanken President Yuji Morita said, “By establishing this strategic collaboration, we believe that Sanken and IR — leading manufacturers of power semiconductors in Japan and the U.S. — will strengthen their positions as industry leaders into the 21st century.”

Japan was the fastest-growing region for IR in the March quarter, with revenues growing 76 percent year-on-year, driven by the strength of recent design wins in the consumer electronics market. IR provides key power management chips for applications such as Sony’s Playstation(r) 2 and Fujitsu’s flat panel TVs. Japan accounted for 13 percent of IR’s OEM revenue in the March quarter, up from 11 percent in the December quarter.

About International Rectifier

IR is involved in power management technology. IR’s power systems, analog power integrated circuits (ICs), advanced-circuit devices, and components are improving the fuel efficiency in automotive vehicles, and cutting energy consumption in applications for industrial motors, heating and air conditioning systems, home appliances, and lighting. IR’s products enable information technology devices to perform at greater speed and reliability, and allow portable electronics to run longer off a single charge.

IR pioneered the technology and is the market leader in the $4 billion power MOSFET segment of the power management industry, and nine of the industry’s top 10 power MOSFET suppliers are currently licensed under its patents. Almost two-thirds of IR’s revenue comes from outside the United States.

About Sanken

Sanken is involved in power management and peripheral applications. The company provides energy-saving products in emerging applications in the automotive and home appliance markets, and provides leading-edge products in select information technology markets. Sanken sales exceed 136 billion yen (approximately U.S. $1.29 billion) in its last fiscal year reported.