SMIC sells Italian wafer fab to Jiangsu

April 02, 2019 //By Peter Clarke
SMIC sells Italian wafer fab to Jiangsu
LFoundry, the Avezzano wafer fab subsidiary of Semiconductor Manufacturing International Corp. (SMIC) is being sold to Jiangsu CAS-IGBT Technology Co. Ltd., a Chinese chip maker focused on power devices.

Jiangsu is focused on the research, development and sale of insulated gate bipolar transistor (IGBTs) and fast recovery diodes (FRDs) and has agreed to pay $112.8 million – $112,816,089 and no cents to be precise.

Avezzano, originally opened by Texas Instruments in May 1989 with the cleanroom being blessed by a bishop, now manufactures CMOS image sensors, smart power, embedded memory and other technologies.

The deal also includes two Bulgarian operations: SMIC Sofia is a design service center developing an auto-related intellectual property platform. LFoundry Sofia specialises in CMOS image sensor development and production.

The acquisition is expected to complete at the end of June and payment will be made in three tranches: $60 million upon closing, $26.4 million on September 30, and $26.4 million plus change on December 30, 2019.

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