ZT: On Semi to pay $366M for Sanyo chip biz

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Peter Clarke
7/15/2010 6:35 AM EDT

LONDON — Sanyo Electric Co. Ltd. has agreed to sell its loss-making semiconductor subsidiary to On Semiconductor Corp. for $366 million in a mix of stock and cash, which is more than had been previously predicted.

The move allows On Semi to increase its manufacturing scale, broaden its product portfolio and expand its presence in the Japanese market. It will give On Semi annual sales of about $3.5 billion.

The deal is subject to adjustment pursuant to the terms of the transaction and in the most recently completed quarter Sanyo Semiconductor's annualized revenue was approximately $1.2 billion. The acquisition is expected to be completed before the end of 2010.

The acquisition will add microcontrollers and ASIC capabilities as well as power modules and motor control to On Semi's portfolio. Sanyo supplies many consumer, automotive and industrial end-markets.

"By combining these two highly complementary businesses, we will be better positioned to capture growth on a global scale. We believe the union of On Semiconductor and Sanyo Semiconductor will greatly enhance our presence in the automotive and consumer end-markets and significantly strengthen our geographic presence in the Asia-Pacific region," said Keith Jackson, president and CEO of On Semi, in a statement.

"Having completed seven acquisitions, On Semiconductor has a proven track record of successfully integrating acquired businesses, and realizing manufacturing and operational efficiencies," said Jackson.

"We value Sanyo Semiconductor’s customer knowledge and understanding, and look forward to building upon these important long-standing relationships. Our goal is to continue the structural transformation efforts begun by Sanyo Electric. We welcome Sanyo Electric as a shareholder and hope to build a collaborative long-term relationship."

Sanyo Electric is expected to receive approximately $129 million (¥11.6 billion) in cash and approximately $238 million (¥21.4 billion) worth of On Semi common stock, expected to equal approximately 7 to 8 percent of ON Semi's fully diluted shares outstanding, subject to adjustment at closing. On Semi has the option to replace the stock consideration with cash at closing.

"Although semiconductor valuations are currently depressed, we believe we have acquired the business for an agreeable price, with negligible dilutive impact to ON Semiconductor in the near term, and do not foresee the need for additional debt financing at this time," said Donald Colvin, On Semi executive vice president and CFO.

Colvin said On Semi expects to produce $30 million of pre-tax income per quarter from Sanyo within 18 months.

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TI buys two fabs from Spansion Japan
Mark LaPedus
7/14/2010 8:15 PM EDT
SAN FRANCISCO - Amid the wild upturn, Texas Instruments Inc. is expanding its analog fab capacity--again.

After accelerating its 300-mm analog fab ramp in Texas, TI has now purchased two wafer fabs—including separate 200- and 300-mm plants-- from Spansion Japan Ltd. in Aizu-Wakamatsu, Japan. Some 450 employees from Spansion Japan will join TI. At the same time, TI will sell some 300-mm gear to United Microelectronics Corp. (UMC).

Terms of the deal with Spansion Japan were not disclosed, but the price of the fabs was ''immaterial,’’ said Gregg Lowe, senior vice president in charge of the company’s analog business.

The move is the most recent in a series of analog manufacturing expansions announced by TI over the past 24 months. In total, the fabs will add capacity for more than $3.5 billion of additional analog revenue per year when fully operational.   

With this announcement, TI has expanded from six analog fabs to eight. And as its rivals stand pat with their existing fabs or are working with the foundries, TI is moving to expand its internal capacity, as part of an effort to ''grow our business and market share,’’ Lowe said.

Like all analog houses, TI is seeing strong demand, but it faces select shortages and extended lead times. The company has closed the gap in the supply/demand equation, according to Lowe.

And to help matters, TI is expanding its fab capacity. “This latest addition of analog capacity will further increase TI’s ability to support our customers’ growth, now and in the future,” he said.

As reported, TI (Dallas) last year raised eyebrows, when it opened a 300-mm analog semiconductor fab in Richardson, Texas. TI's new analog facility, dubbed RFAB, will be the first analog chip fab to use 300-mm wafers. TI had already moved to equip the fab by buying $172.5 million worth of chip production equipment from Qimonda AG's fab in Sandston, Va.

In the third quarter of 2009, TI announced the ''phase I'' opening of RFAB, and immediately began to move in equipment. In April, the company expanded its manufacturing capacity with the recent purchase of more than 100 new fab tools. This was the first step in launching the ''phase II'' expansion of RFAB.
Initial production for RFAB is due by year's end. With the completion of Phase II, RFAB will be capable of supporting $2 billion of revenue per year.

Now, TI has struck the deal with Spansion Japan.  Early last year, Spansion's Japanese subsidiary, Spansion Japan, voluntarily entered into a proceeding under the ''Corporate Reorganization Law'' of Japan to obtain protection from its creditors as part of the company's restructuring efforts.

Then, the parent company, NOR flash vendor Spansion, filed for bankruptcy early last year. Following those events, Spansion separated itself from Spansion Japan. And recently, Spansion itself emerged from Chapter 11.

The assets currently operated by Spansion Japan are being acquired under a court-approved plan of reorganization. TI’s purchase  includes a 200-mm wafer fab currently in operation and a second non-operating wafer fab of equal size for either 200- or 300-mm production.  TI will continue running the 200-mm fab and will preserve the second 300-mm fab for future capacity expansion.

By year’s end, TI plans to ramp the 200-mm fab in Japan, which is capable of boosting its analog sales by some $1 billion per year. The existing tool set in the fab can be tuned for TI’s analog process. That fab is slated to make TI’s precision analog products, based on its HPA07 process. The 0.3-micron process is geared to make data converters, power amplifiers and other products, Lowe said. Products based on the HPA07 process are also running in an existing fab in Dallas, dubbed DMOS5.

There is no timetable for the 300-mm fab ramp in Japan. TI will move some of the equipment in that fab to its new 300-mm plant in Texas. Some of the 300-mm equipment is being sold to Taiwan’s UMC and others on the open market.

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Globalfoundries plans production EUV by 2015 7/14/2010 4:53 PM EDT SAN FRANCISCO—Foundry company Globalfoundries Inc. will install a production extreme ultraviolet (EUV) lithography tool in the second half of 2012 and be using EUV in volume production by 2014 or 2015, a company executive said Wednesday (July 14).

Delivering a keynote address at the Semicon West tradeshow here, Gregg Bartlett senior vice president of technology and R&D at Globalfoundries, said his firm has chosen to forgo the purchase of a pre-production EUV tool. Several chip companies, including Intel Corp., Samsung Electronics Co. Ltd., Toshiba Inc. and leading foundry Taiwan Semiconductor Manufacturing Co. Ltd. have ordered pre-production EUV tools from ASML Holding NV.

Bartlett said 193-nm immersion lithography using double patterning—a technique the industry has had to use to extend 193-nm lithography to advanced production nodes—has become so expensive that, to his surprise, he is hoping that EUV lithography will reduce manufacturing costs.

"We feel very strongly that the industry does need a cost-effective EUV lithography solution for volume manufacturing going forward," Bartlett said. "Failure for the industry is not an option."

Globalfoundries (Sunnyvale, Calif.) will install the production EUV tool at its Fab 8 in Malta, N.Y., Bartlett said.

Based on a 13-nm wavelength technology, EUV is not targeted for production until the 15-nm node, though some believe it won't be in production until 2016 or later. Originally, EUV was targeted for the 65-nm node, but the technology has been pushed out due to the lack of power sources, resists, defect-free masks and other technologies.

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