Company intent for buyer to continue to
manufacture products and maintain supply continuity for
customers
ON Semiconductor Corporation (Nasdaq: ON), driving energy
efficient innovations, today announced it is exploring a sale of
its manufacturing facility in Niigata, Japan. The intended sale of
Niigata facility is part of the company’s plan to optimize its
manufacturing footprint and sharpen its focus on highly
differentiated power, analog and sensor products. The company will
begin searching for strategic buyers to enter into a mutually
beneficial arrangement that is expected to facilitate an orderly
transition of products from its facility in Niigata to other
facilities in its network.
The Niigata facility is an automotive qualified facility, which
meets the IATF 16949 global industry standard for quality
management. The company believes that the facility is an attractive
semiconductor manufacturing asset. The site is run by a highly
skilled and productive workforce capable of managing a large mix of
technologies.
The Niigata facility consists of two co-located wafer fabs with
215,000 square feet of clean room space, located on a 40 acre
campus with 1.1 million square feet of building space. The large
campus, existing infrastructure and capability of eight inch wafer
manufacturing provide potential buyers a compelling growth
opportunity. Currently, the facility supports the company’s BCD,
BiCMOS, CMOS, Discrete and Smart Discrete technologies.
ON Semiconductor remains committed to growing its presence in
Japan, and the company recently added a large eight-inch wafer fab
in Aizu to its manufacturing footprint. ON Semiconductor plans to
continue to invest in its various functional groups, such as field
service, research and development, solution engineering centers,
and manufacturing plants to better serve its customers in
Japan.
About ON Semiconductor
ON Semiconductor (Nasdaq: ON) is driving energy efficient
innovations, empowering customers to reduce global energy use. The
company is a leading supplier of semiconductor-based solutions,
offering a comprehensive portfolio of energy efficient power
management, analog, sensors, logic, timing, connectivity, discrete,
SoC and custom devices. The company’s products help engineers solve
their unique design challenges in automotive, communications,
computing, consumer, industrial, medical, aerospace and defense
applications. ON Semiconductor operates a responsive, reliable,
world-class supply chain and quality program, a robust compliance
and ethics program, and a network of manufacturing facilities,
sales offices and design centers in key markets throughout North
America, Europe and the Asia Pacific regions. For more information,
visit http://www.onsemi.com.
- Follow @onsemi on Twitter.
ON Semiconductor and the ON Semiconductor logo are registered
trademarks of Semiconductor Components Industries, LLC. All other
brand and product names appearing in this document are registered
trademarks or trademarks of their respective holders. Although the
company references its website in this news release, information on
the website is not to be incorporated herein.
This document contains “forward-looking statements,” as that
term is defined in Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements, other than statements of historical facts,
included or incorporated in this document could be deemed
forward-looking statements, particularly statements about the
future financial performance of ON Semiconductor, including
financial guidance for the year ending December 31, 2020.
Forward-looking statements are often characterized by the use of
words such as “believes,” “estimates,” “expects,” “projects,”
“may,” “will,” “intends,” “plans” or “anticipates” or by
discussions of strategy, plans or intentions. All forward-looking
statements in this document are made based on our current
expectations, forecasts, estimates and assumptions and involve
risks, uncertainties and other factors that could cause results or
events to differ materially from those expressed in the
forward-looking statements. Among these factors are our revenue and
operating performance; economic conditions and markets (including
current financial conditions); risks related to our ability to meet
our assumptions regarding outlook for revenue and gross margin as a
percentage of revenue; effects of exchange rate fluctuations; the
cyclical nature of the semiconductor industry; changes in demand
for our products; changes in inventories at our customers and
distributors; risks associated with restructuring actions and
workforce reductions; technological and product development risks;
enforcement and protection of our intellectual property rights and
related risks; risks related to the security of our information
systems and secured network; availability of raw materials,
electricity, gas, water and other supply chain uncertainties; our
ability to effectively shift production to other facilities when
required in order to maintain supply continuity for our customers;
variable demand and the aggressive pricing environment for
semiconductor products; our ability to successfully manufacture in
increasing volumes on a cost-effective basis and with acceptable
quality for our current products; risks associated with our
acquisitions and dispositions generally, including our ability to
realize the anticipated benefits of our acquisitions and
dispositions, including our acquisition of Quantenna; risks that
acquisitions or dispositions may disrupt our current plans and
operations, (including the risk of unexpected costs, charges or
expenses resulting from acquisitions or dispositions and
difficulties arising from integrating and consolidating acquired
businesses, our timely filing of financial information with the
Securities and Exchange Commission (“SEC”) for acquired businesses
and our ability to accurately predict the future financial
performance of acquired businesses); competitor actions, including
the adverse impact of competitor product announcements; pricing and
gross profit pressures; risks associated with the addition of
Huawei Technologies Co., Ltd. and its non-U.S. affiliates and
subsidiaries, and other customers, to the U.S. Department of
Commerce, Bureau of Industry Security Entity List; loss of key
customers; risks associated with restructuring actions and
workforce reductions; order cancellations or reduced bookings;
changes in manufacturing yields; control of costs and expenses and
realization of cost savings and synergies from restructurings; the
costs to defend against or pursue litigation and the potential
significant costs associated with adverse litigation outcomes;
risks associated with decisions to expend cash reserves for various
uses in accordance with our capital allocation policy such as debt
prepayment, stock repurchases or acquisitions rather than to retain
such cash for future needs; risks associated with our substantial
leverage and restrictive covenants in our debt agreements that may
be in place from time to time; risks associated with our worldwide
operations, including changes in trade policies, foreign employment
and labor matters associated with unions and collective bargaining
arrangements, continuing political unrest in markets in which we do
significant business, including Hong Kong, as well as man-made
and/or natural disasters and public health and safety outbreaks
affecting our operations or financial results, including as a
result of the outbreak of the novel coronavirus disease 2019
(COVID-19) pandemic; the threat or occurrence of international
armed conflict and terrorist activities both in the United States
and internationally; risks of changes in U.S. or international tax
rates or legislation; risks and costs associated with increased and
new regulation of corporate governance and disclosure standards;
risks related to new legal requirements; and risks and expenses
involving environmental or other governmental regulation.
Additional factors that could affect our future results or events
are described under Part I, Item 1A “Risk Factors” in our 2019
Annual Report on Form 10-K filed with the SEC on February 19, 2020
(our "2019 Form 10-K") and from time to time in our other SEC
reports. Readers are cautioned not to place undue reliance on
forward-looking statements. We assume no obligation to update such
information, except as may be required by law. You should carefully
consider the trends, risks and uncertainties described in this
document, our 2019 Form 10-K and other reports filed with or
furnished to the SEC before making any investment decision with
respect to our securities. If any of these trends, risks or
uncertainties actually occurs or continues, our business, financial
condition or operating results could be materially adversely
affected, the trading prices of our securities could decline, and
you could lose all or part of your investment. All forward-looking
statements attributable to the Company or persons acting on its
behalf are expressly qualified in their entirety by this cautionary
statement.
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version on businesswire.com: https://www.businesswire.com/news/home/20200808005004/en/
Kris Pugsley Corporate Communications / Media Relations
ON Semiconductor (312) 909-0661 kris.pugsley@onsemi.com
Parag Agarwal Vice President Investor Relations and
Corporate Development ON Semiconductor (602) 244-3437
investor@onsemi.com
Nobuo Horiuchi Japan Media Relations ON Semiconductor
+81.3.6880.1777 nobuo.horiuchi@onsemi.com
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