ON Semiconductor Acquires Cherry Semiconductor
ON Semiconductor LLC (Phoenix, AZ), formerly the analog business of Motorola Corp., announced that they have signed a definitive agreement for the acquisition by ON Semiconductor of Cherry Semiconductor Corp. (East Greenwich, RI), a subsidiary of the Cherry Corp.
The purchase price is $250.0 million in cash, subject to adjustment in certain circumstances. The transaction is expected to close in the second quarter of 2000, subject to regulatory approvals.
Cherry Semiconductor is a developer of ICs in the analog market, specifically for power management and automotive applications. ON Semiconductor stated that it will combine the Cherry Semiconductor analog IC components with its own portfolio.
"This acquisition is an important part of our strategic plans to become a leader in power-management analog," said Steve Hanson, COE and president of ON Semiconductor. "Combining our engineering expertise and product portfolio will provide our customers increased design-in support, improved supply capability and innovative power-management solutions. The management teams of both companies are enthusiastic about the combination and the focus it will bring to meeting our customers' needs."