On Semi completes Sanyo buy-out
January 04, 2011 // Phil Ling
The completion of the acquisition of Sanyo Semiconductor, a subsidiary of Sanyo Electric, and other assets related to Sanyo Electric's semiconductor business, by ON Semiconductor has been announced. ON Semiconductor paid approximately ¥11.8 billion ($144 million) in cash and drew down approximately ¥31.7 billion ($378 million) under a loan agreement with Sanyo Electric.
ON Semi plans to operate Sanyo Semiconductor as an independent division, using the Sanyo logo for up to three years. Teruo Tabata will continue as president of Sanyo Semiconductor.
However, plans are already underway to begin offering both ON Semiconductor's and Sanyo Semiconductor's products and technologies to all worldwide customers.
According to Keith Jackson, president and CEO of ON Semiconductor, the acquisition will enable ON Semi to expand 'wholeheartedly' into the Japanese market.
It expands ON Semi's product portfolio, adding microcontrollers and ASIC capabilities, as well as integrated power modules and motor control devices for the consumer, automotive and industrial end-markets.
Sanyo Semiconductor retains approximately ¥10 billion ($123 million) of cash on its balance sheet as of closing. In addition, Sanyo Electric's operational support of up to ¥25 billion ($307 million) over a two year period for the purpose of aligning Sanyo Semiconductor's cost to globally competitive manufacturing costs is expected to accelerate the timetable for the transaction to be accretive to earnings on a non-GAAP basis.
The goal is to deliver in excess of $30 million in pre-tax income per quarter, a goal that is believed to be achievable sooner than the approximate eighteen months post closing previously announced in July.All news
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