Chipmaker Qorvo to sell some of its China factories!
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Update time : 2023-12-27 10:39:33
Qorvo, a maker of wireless connectivity chips, said it has reached a definitive agreement to sell its assembly and test facilities in Beijing and Texas, China, to contract manufacturer Lucent Precision Industries. Financial terms of the deal, which is expected to close in the first half of 2024, were not disclosed.
Upon completion of the transaction, Qorvo added, Lucent Precision will acquire the operations and assets of each facility, including property, plant and equipment, and existing employees, while Qorvo will continue to retain its sales, engineering and customer support employees in China. Qorvo said that Lucent Precision will assemble and test products for Qorvo under newly signed long-term supply agreements. Grant Brown, Qorvo's chief financial officer, said, "This transaction furthers our efforts to reduce capital intensity while supporting our long-term gross margin goals and ensuring continuity for our customers in China." The Beijing and Texas facilities primarily support Qorvo's integrated advanced cellular products, the company said. Qorvo makes RF chips for 5G base stations as well as cellular and Wi-Fi connectivity in smartphones and other gadgets.Qorvo's largest customer is Apple, which accounted for 37 percent of the company's total revenue in fiscal year 2023, which ended in April, and Qorvo continues to benefit from strong demand for iPhones in China. In addition to Apple, Qorvo's customers include Huawei, OPPO, Xiaomi, Lenovo, Samsung and Qualcomm.
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