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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.
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September 10, 2014
10:00 EDTONNNOn The Fly: Analyst Downgrade Summary
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06:33 EDTONNNON Semiconductor downgraded to Neutral from Outperform at RW Baird
Baird downgraded On Semiconductor to Neutral to reflect expectations for a Q4 slowdown in notebooks, TD-LTE smartphones, and servers and now sees indications where MOSFET and MCU lead times are starting to pull in. The firm sees little upside to Q4 estimates and likely reductions in Q1. Price target lowered to $10 from $11.

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