Onsemi to sell two chipmaking facilities to cut costs

NEW DELHI: Onsemi on Tuesday said it will sell two chipmaking facilities, as part of its “Fab Right” strategy, to cut costs and boost profit margins.

Onsemi will sell its Tarlac site in the Philippines to the Taiwanese firm Greatek Electronics, which specialises in integrated circuit packaging and testing services. The transaction is expected to close within the next three to six months, subject to customary closing conditions and regulatory approvals.