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May 9, 2014
06:11 EDTONNNON Semiconductor downgraded to Sell from Neutral at Citigroup
Citigroup downgraded ON Semiconductor to Sell citing double ordering concerns and weakness in the company's Sanyo business. Citi lowered its price target for shares to $8 from $10.50.
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July 31, 2014
06:53 EDTONNNON Semiconductor, Fujitsu Semiconductor announce strategic partnership
Fujitsu Semiconductor and ON Semiconductor announced that they have entered into a foundry services agreement. Under the terms of this agreement, Fujitsu will manufacture wafers for ON Semiconductor at its 8-inch front-end semiconductor wafer fabrication facility located in Aizu-Wakamatsu, Japan. Initial production of wafers is expected to begin within a year from today, and ON Semiconductor will have the opportunity to access additional capacity in the Aizu-Wakamatsu fab in the future. To build a stronger partnership, the two companies have also entered into a definitive agreement under which ON Semiconductor will obtain a 10 percent ownership interest in a newly formed subsidiary of Fujitsu Semiconductor that will include Fujitsuís 8-inch Aizu-Wakamatsu fab. The consideration to be paid by ON Semiconductor for this minority interest will be approximately $7M. The transaction is expected to close during Q4 or in early 2015, subject to certain regulatory approvals and other closing conditions.
July 17, 2014
14:30 EDTONNNFujitsu to exit chip making, sell plants to ON Semi, United Micro, Nikkei says
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