Sanyo sells chip unit to ON Semiconductor
Source: Agencies |
July 16, 2010, Friday
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Print Edition
Print Edition
PANASONIC'S Sanyo Electric Co signed a US$366 million deal to sell its chip unit to ON Semiconductor Corp, allowing the United States manufacturer to expand its business in the Japanese market, the companies said yesterday.
Under the agreement, ON acquires Sanyo's chip subsidiary Sanyo Semiconductor Co and assets related to its semiconductor business in a cash and stock transaction, the two companies said.
ON President and CEO Keith Jackson said the union will enhance ON's presence in the automotive and consumer markets in the Asia-Pacific region.
"Strategically, this acquisition is expected to provide us with increased access to an important part of the global semiconductor market, the Japanese market," he said.
Sanyo Electric is expected to receive about US$129 million in cash and the balance in ON Semiconductor common stock.
Under the agreement, ON acquires Sanyo's chip subsidiary Sanyo Semiconductor Co and assets related to its semiconductor business in a cash and stock transaction, the two companies said.
ON President and CEO Keith Jackson said the union will enhance ON's presence in the automotive and consumer markets in the Asia-Pacific region.
"Strategically, this acquisition is expected to provide us with increased access to an important part of the global semiconductor market, the Japanese market," he said.
Sanyo Electric is expected to receive about US$129 million in cash and the balance in ON Semiconductor common stock.
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