© andreypopov dreamstime.com Components | November 16, 2018
Voltabox withdraws from acquiring Navitas
Voltabox AG, together with its US subsidiary Voltabox of Texas, Inc., makes use of its contractually agreed right of termination and withdraws from the purchase of Navitas Systems, LLC (Navitas) with immediate effect.
The main decisive factors for this are the fact that, contrary to Voltabox's expectations, the transaction has not yet been approved by the Committee on Foreign Investment in the United States (CFIUS) and that Navitas has not developed in line with Voltabox's expectations. Voltabox previously announced the entry into an agreement to purchase Navitas through its subsidiary Voltabox of Texas, Inc. on June 29th for the equivalent of 37 million euros (43 million dollars). At the time, the parties assumed that the CFIUS procedure would last a maximum of ninety days. CFIUS is a committee of the US government to regulate foreign investments into the United States. Most recently, Voltabox expected to receive approval on November 13th so that the transaction could have been completed in November. Since the repeatedly prospective approval did not take place at the CFIUS meeting (November 13, 2018), the Voltabox Management Board no longer sees sufficient planning security in this respect. In addition, the economic development of Navitas since the conclusion of the purchase agreement has not followed the course expected by Voltabox at the time of the purchase agreement has not followed the course expected by Voltabox at the time of the announcement of the acquisition, a press release states. "Instead of taking over the Navitas product range of battery systems for broad applications in forklift trucks, we will now develop similar systems ourselves and launch them on the market in the coming year“, explains Jürgen Pampel, CEO of Voltabox AG. In addition, Voltabox is examining possibilities for cooperation in cell production. Despite, the Voltabox Management Board confirms its forecast corridor for the year as a whole on the basis of the positive business development. For 2018, Voltabox expects sales of 65 to 70 million euros and an EBIT margin of around 7%.
MagnaChip Semiconductor to sell its foundry business and Fab 4 MagnaChip Semiconductor says that certain of its wholly-owned subsidiaries have entered into a definitive agreement to sell the company's Foundry Services Group and the factory in Cheongju (Fab 4), the larger of the company's two 8" manufacturing facilities.
Singulus Technologies temporarily reduces business operation Against the backdrop of the current situation related to the spread of COVID-19 and the resulting restrictions in private and business lives, Singulus Technologies is implementing short-time work at two of its German sites.
Kyocera to acquire Japan-based Showa Optronics Kyocera Corporation has entered into a share transfer agreement with NEC Corporation on March 25, 2020 to acquire all of NEC’s shares in Showa Optronics Co., Ltd., an optical components manufacturer.
Analog Devices withdraws second quarter outlook The economic and social effects caused by COVID-19 are currently creating supply chain disruption and uncertainty around future demand.
Movement control order restricts production for Renesas in Malaysia Due to a Movement Control Order announced by the Malaysian government, Renesas three production sites located in the country temporarily halted productions from March 18, 2020.
TTI remains operational during COVID-19 pandemic TTI, Inc. says it remains open following the guidelines mandated by local and federal governments during the COVID-19 coronavirus outbreak, with precautions in place to safeguard employees’ health.
Nokia completes acquisition of Elenion Technologies Nokia says it has completed its acquisition of U.S.-based supplier of silicon photonics technology, Elenion Technologies.
Nexperia CEO Frans Scheper retiring On March 24, 2020, Nexperia announced that CEO Frans Scheper has decided to take early retirement and will step down as Nexperia CEO and Management Board Member per March 25, 2020.
Intellitronix seeing interest from Ford Ohio-based Intellitronix Corporation, a subsidiary of US Lighting Group, has been invited by the Ford Motor Company to submit a proposal to design and manufacture an automotive electronics component for one of the automaker’s upcoming vehicles.
NEXT Biometrics receives additional order from government program in India NEXT Biometrics has received an additional order for UIDAI and STQC certified fingerprint biometric readers in India valued at USD 360,000. The customer has provided a 20% upfront payment and the readers have been delivered to the customer.
Elmos is planning short-time work Because of the global corona pandemic, Elmos Semiconductor AG is planning to introduce short-time work of up to 50%.
paragon reacts to production stoppages by carmakers paragon is set to take immediate action in response to moves by automotive manufacturers closing down their plants. The company is now reducing production at its automotive manufacturing sites in Germany to a minimum for the time being.
STMicro to temporarily cut 50% of French production The semiconductor company has reportedly agreed to temporarily reduce its production in France by up to 50% as the company works to stymie the spread of COVID-19.
The Infineon site in Villach is growing Infineon’s investment in a new automated chip factory and a research building at its site in Villach is making progress.
Panasonic eyes multi-use potential for PanaCIM Panasonic, in their push more deeply into smart manufacturing solutions, has partnered with MiR and Inovaxe to develop a handy helper: the PanaCIM Solutions Ecosystem.
Rutronik & Gowin inks distribution agreement for EMEA and NA Rutronik Elektronische Bauelemente GmbH is expanding its portfolio to include the Gowin Semiconductor Corp. product range.
Autotalks’ global V2X solution passes dual-band Wi-Fi pre-certification V2X (Vehicle-to-Everything) communication solutions provider, Autotalks, has successfully completed Wi-Fi 5 pre-certification for its evaluation kit based on its 2nd generation V2X chipset.
First Sensor names new CFO First Sensor AG has appointed Marcus Resch as the Chief Financial Officer of First Sensor AG effective March 14, 2020, for a period of three years.
TE Connectivity acquires majority share of First Sensor TE Connectivity has completed its public takeover of Berlin-based First Sensor AG. TE now holds 71.87% shares of the German company.Load more news