What are the topics covered? Onsemi sells its South Portland plant in Maine, the resignation of Toshiba CEO Satoshi Tsunakawa, Intelsat leaves Chapter 11, Intel chooses Magdeburg in eastern Germany for a site location and the departure of Army leaders…
5.Onsemi sells two fabs
onsemi sold its South Portland, Maine plant to Diodes after its Oudenaarde, Belgium plant closed last month. “The proposed divestments show that we are on the right track to achieve an optimized manufacturing network while supporting our customers with long-term supply assurance,” says CEO Hassane El-Khoury, “the transactions offer employees factories concerned continued employment. and growth opportunities while allowing onsemi to transfer production from these factories to other manufacturing sites in an orderly fashion. »
4. Toshiba CEO resigns
Toshiba CEO Satoshi Tsunakawa and his deputy Mamieu Hatazawa resigned earlier today amid furor over the company’s restructuring plans. Tsunakawa was a Toshiba lifer. Last November, he proposed a plan to split Toshiba into three parts. Shareholder disapproval led him to abandon the plan and present a new strategy in February this year to split Toshiba into two – semiconductors and infrastructure.
3. Intelsat exits Chapter 11 two years later, halving its debt
Intelsat has officially completed its nearly two-year financial restructuring process, after filing a voluntary Chapter 11 petition with the U.S. Bankruptcy Court for the Eastern District of Virginia in 2020. The final step was the receipt of approvals regulations, the completion of certain corporate actions, and the satisfaction of other customary conditions, he announced. The reorganization saw the company reduce its debt by more than half, from around $16 billion to $7 billion.
2. Intel chooses Magdeburg for its European production site
Intel has chosen Magdeburg in eastern Germany as its European manufacturing site, Reuters reports. This is Intel’s third announcement of a potential multi-fab site in a year. Last March, it announced it would build two fabs in Arizona, and in January, it announced a multi-fab site in Ohio.
Intel has indicated in the past that a new manufacturing site in Europe could attract $95 billion in investment over a decade, as a number of fabs are built there.
1. Arm Clears Upper Management
Four of Arm’s seven top executives have now left the company following a departure of new CEO Rene Haas. Former CEO Simon Segars was replaced immediately after Softbank announced the failure of Nvidia’s bid. Now CTO Dipesh Patel, Carolyn Herzog, head of the legal team and chief strategy officer Jason Zajac are leaving.