© MagnaChip Business | March 31, 2020
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.
The buyer is a special purpose company (the SPC) in South Korea established by Alchemist Capital Partners Korea Co., Ltd. and Credian Partners, Inc. Under the terms of the Agreement, the total transaction value is approximately USD 435 million, including USD 344.7 million in cash. MagnaChip intends to use the net proceeds from the transaction to significantly reduce debt and strengthen its balance sheet. “This is an excellent outcome for all our stakeholders, including customers, employees and investors. Importantly, it will allow us to meaningfully improve our balance sheet, and fully focus as a pure-play standard products company on the attractive high-growth opportunities in our Display Solutions and Power Solutions business lines. We look forward to building upon our leadership position in the OLED display driver business and are excited about the emerging MicroLED space,” says MagnaChip's CEO, YJ Kim, in a press release. Upon the closing of the transaction, about 1’500 MagnaChip employees are expected to be transferred to the SPC, which would result in SPC assuming approximately USD 90 million in statutory severance liabilities recorded on MagnaChip's balance sheet. “After conducting a thorough strategic evaluation process of the Foundry business and Fab 4, the Board of Directors and management team concluded that this transaction was the best option to maximize value for our shareholders,” adds Nader Tavakoli, Chairman of the Board of MagnaChip. “Following the completion of this sale, MagnaChip will be streamlined operationally, largely freed of interest expense and we believe will be ideally positioned for continued future success.”
European Semiconductor distribution sales sets new records DMASS reports a whopping 31.8% growth in semiconductors in Q3 and +44.7% in interconnect, passive and electromechanical components. Shortages remain biggest problem for entire industry.
Jenoptik signs agreement to sell Vincorion Jenoptik AG has signed an agreement to sell the Vincorion division. It will be acquired by a fund managed by private equity firm STAR Capital Partnership LLP.
Sponsored content by CMLPCB prototypes to series production with the same project team? Here’s how! Prototypes are important building blocks for product developers to support a product concept from the design phase to its series production. Here, it is primarily a matter of converting a concept functionally into a design, verifying it and working out optimization potential. Even with all the possibilities of today's "simulations", real sample setups are still needed to convert the theory into real results.
NAND Flash revenue rises by 15% QoQ for 3Q21 The growth of the NAND Flash market in 3Q21 was primarily driven by strong demand from the data center and smartphone industries, according to TrendForce’s latest investigations.
Samsung to invest $17 billion in new Texas fab South Korean electronics giant, Samsung, has chosen Taylor, Texas to build a new, USD 17 billion, semiconductor manufacturing facility.
Qualcomm acquires Clay AIR Clay AIR, an AI powered hand tracking and gesture recognition technology company, has been acquired by Qualcomm.
AmpliTech to acquire Spectrum Semiconductor Materials AmpliTech Group, a designer, developer and manufacturer of signal-processing components, has executed a definitive agreement to acquire the assets and operations of San Jose-based Spectrum Semiconductor Materials Inc., a specialty distributor of semiconductor components.
Sponsored content by JBCWelcome to the next generation of the rechargeable soldering iron -
Veeco ships first system from new manufacturing facility Veeco Instruments says that the company has shipped the first LSA101 Laser Spike Annealing System from its new San Jose, California facility to an unnamed semiconductor manufacturer.
Smith to divest its Its solar division The distributor of electronic components says that it has signed an agreement to sell its solar sales and services division, known as ONTILITY Powered by Smith, to BBB Industries, LLC under its new division, TerrePower.
TTI to acquire SMD Inc. Specialty distributor of electronic components, TTI, Inc.,has entered into a purchase agreement to acquire SMD Inc., a privately held electronic component distributor headquartered in Irvine, California.
Former GlobalFoundries executive to lead IQE Following an extensive and rigorous search process, the board of the UK supplier of compound semiconductor wafer products announces that it has appointed Americo Lemos as Chief Executive Officer, starting on 10 January 2022.
Sponsored content by Shenzen Kinwong ElectronicThe development trend of printed circuit board products and Kinwong's solution With the rapid development of electronic technology in recent years, printed circuit board (PCB) products are pursuing higher heat dissipation capabilities, with high voltage and high current characteristics, and are developing towards high-density interconnection technology (HDI).
New promotions at Velocity Electronics The electronic components distributor announces that it has promoted Hal Juergens to Global Vice President of Sales Operations and also promoted Grant Schnabel to Global VP of Sales and Business Development.
GaN Systems raises $150M to speed up adoption of GaN technology GaN Systems announces a USD 150 million growth capital funding round to accelerate innovation and adoption of GaN technology across its automotive, consumer, industrial, and enterprise markets.
Ian Wallace to shoulder new business development role at Digi-Key Electronic component distributor, Digi-Key Electronics, has promoted Ian Wallace has been to vice president, Americas and EMEA business development.
GlobalFoundries and Ford are aiming to boost chip supplies Semiconductor manufacturer, GlobalFoundries, says it is entering into a strategic collaboration with Ford Motor Company with the aim of advancing semiconductor manufacturing and technology development within the United States. The companies are looking to boost chip supplies for Ford and the US auto industry.
Sponsored content by BRADY CorporationAutomatically print & place labels anywhere on a PCB in 3 seconds Brady introduces A8500 FlexCell PCB Label Printer Applicator: the label precision print and apply system developed for high quality product and component marking in PCB assembly & similar applications.
BSL to supply semiconductor components to SDU Ban Seng Lee Industries Sdn Bhd (BSLI), a subsidiary of Malaysian BSL Corporation, has secured a Letter of Award from SD Unify Pte Ltd (SDU) to fabricate semiconductor components and sub-assembly modules.
BMW turns to Qualcomm for automated driving collaboration Qualcomm Technologies will bring the latest advancements in driver assistance technologies, and products of its Snapdragon Ride Platform, to BMW Group's next generation of advanced driver-assistance systems (ADAS) and automated driving (AD) platforms.
TI plans massive semiconductor wafer fab expansion Texas Instrument says it plans to start construction on its new 300-millimeter semiconductor wafer fabrication plants in Sherman, Texas. The company says that the site has the potential for up to four fabs to meet demand over time. Construction of the first and second fabs is set to begin in 2022.
Sponsored content by Siemens EDADigital transformation: How Siemens EDA helps you engineer a smarter future faster We are living in an age of ever-accelerating digital innovation, where worldwide knowledge, commerce and communication are broadly accessible and literally at our fingertips. Over the past six decades, thousands of companies in the tech sector have worked diligently to bring new, ever-more sophisticated electronic innovations to market daily, culminating in today’s age of digitalization, which is rapidly changing how we live, travel, conduct business and communicate. This pace of digital transformation will accelerate even more rapidly as more companies begin to incorporate artificial intelligence (AI) and machine learning (ML) into their systems to leverage and even monetize the exponentially increasing amount of data produced by seemingly “everything digital.”
btv technologies expands production capacities in Romania Following a planning phase of almost two months, implementation has the company's complete focus. On November 01, 2021, three additional programming machines form the manufacturer Data I/O PSV7000 were put into operation in Timisoara, Romania.
Qualcomm sets new growth targets Qualcomm said that it is continuing to expand its chipset business to meet the growing opportunity for its technology at its 2021 Investor Day. The Company expects its addressable opportunity to grow from approximately USD 100 billion today to USD 700 billion in the next decade, as more devices become intelligently connected.
Riber receives order for a new production machine in Asia Riber, a supplier of semiconductor industry equipment, is announcing an order for a MBE 6000 production system in Asia. While not disclosing the exact value of the deal, the company says the total value amount to several million euros.
UK orders further investigation of Nvidia's takeover of Arm Digital Secretary Nadine Dorries has orded the UK's Competition & Markets Authority (CMA) to carry out an in-depth Phase Two investigation of Nvidia's acquisition of Arm over competition and national security concerns.
Piezo Motion and Precise Motion unite Developer and manufacturer of precision motor technology and Brain Scientific company, Piezo Motion, and motion control and industrial automation solutions specialist, Precise Motion & Control, announces a distribution partnership.
Murata expands with new production building in Thailand Murata Electronics (Thailand), Ltd., a manufacturing subsidiary of Murata Manufacturing, has started construction on a new production building.
Würth Elektronik sets up subsidiary in South Korea Opening up a new market is difficult, but Würth Elektronik's South Korean team was successful and reached a milestone; the foundation of Wurth Electronics Korea Ltd.Load more news