ON Semiconductor completes Fairchild acquisition for $2.4B
The Phoenix-based chipmaker, ON Semiconductor Corp., completed its $2.4 billion acquisition of Fairchild Semiconductor International Inc. on Monday, including its plant and offices in South Portland, where 700 are employed.
“The acquisition of Fairchild is a transformative step in our quest to become the premier supplier of power management and analog semiconductor solutions for a wide range of applications and end-markets,” Keith Jackson, president and CEO of ON Semiconductor, said in a release. “Fairchild provides us a platform to aggressively expand our profitability in a highly fragmented industry. With the addition of Fairchild, our industry leading cost structure has further improved in a significant manner and we are now well positioned to generate substantial shareholder value as we integrate operations of the two companies.”
What the transaction means for Fairchild’s Maine offices remains unclear. According to an August report by the Portland Press Herald, analysts said that the age of the South Portland plant makes its closure a possibility. Other analysts said that the cost of building a new factory from the ground up would have a high price tag, supporting the likelihood that the plant will remain open.
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