ON completes Sanyo Semiconductor acquistion
ON Semiconductor has completed its $522million acquisition of Sanyo's semiconductor business.
The Phoenix based company says the deal will enable ON to increase its presence in Japan, and also give Sanyo a larger footprint for cross selling its products. ON paid $144m in cash for the semiconductor business and will borrow $378m from Sanyo Electric, a division of Panasonic to finance the deal.
Sanyo Semiconductor has annual sales of about $1.2billion and employs 8300 people at manufacturing and packaging facilities in Japan and throughout Asia.
Keith Jackson, ON's ceo, said: "This acquisition enables us to expand wholeheartedly into the Japanese market and to capture growth on a global basis."
ON plans to operate Sanyo Semiconductor as an independent division and will use the Sanyo logo for up to three years. However, plans are already underway to begin offering both companies' products and technologies, the companies said.
