Global Joint Venture Starts Operations as WeEn Semiconductors
EINDHOVEN,
Netherlands,
Nov. 09, 2015 (GLOBE NEWSWIRE) --
NXP Semiconductors N.V.
(NASDAQ:NXPI) and Beijing JianGuang Asset Management Co. Ltd (JAC Capital) today announced that they have completed the transaction under which it
established Bipolar Power joint venture (JV) WeEn Semiconductors in
China following
the clearance of regulators. The intention to establish this JV was originally
announced on February 19, 2015.
WeEn combines NXP’s advanced technology from its
Bipolar Power business line with JAC Capital’s strong connections
in the Chinese manufacturing network and distribution channels to lower
manufacturing costs and boost profit margins of high end electronic products
in China.
JAC Capital has a 51% stake in WeEn while NXP owns the remainder.
WeEn will seek to capture the opportunities arising from China’s growing
demand for electronic products in the consumer, automotive, smart
manufacturing and medical equipment sectors. Current Chinese government
policies provide great incentives to the high tech sector, including
semiconductors, which will accelerate the growth of the industry in the next
few years.
“The completion of this transaction marks another step in NXP’s efforts in
China, an
electronics market which offers outstanding growth opportunities,” said
Frans Scheper, executive vice president and general manager
of the Standard Products business,
NXP Semiconductors.
“With JAC Capital as partner we will be able to gain further market reach as a
genuine Chinese business, allowing us to provide the best possible customer
support to our global customer base and offer the greatest competitive
advantages.”
William Sun, the general manager of
JAC Capital said: “The completion of this deal is a significant
milestone for Beijing Jianguang’s investment in the semiconductor industry. It
is a great achievement from the cooperation between JAC Capital and
NXP. With NXP’s leadership in the semiconductor industry and our strong local
network, jointly we can provide the financial and industrial support to WeEn
allowing it to rapidly develop its operations. This will not only be
beneficial for both parties but will also greatly promote China’s local
industry and economy.”
In addition to the today completed transaction, NXP and JAC are in the final
stages of the regulatory approval process in respect of the acquisition by JAC
of NXP’s RF Power business, which is targeted to close on
December 7, next.
About WeEn Semiconductors
WeEn
Semiconductors is a global joint venture of Beijing Jianguang Asset Management
(“JAC Capital”) and NXP Semiconductors
(NASDAQ:NXPI), bridging the gap between the East and West. As the first
dedicated bipolar supplier,WeEn Semiconductors is focused on improving and
developing a complete portfolio of industry-leading bipolar power products
supported by excellent customer support worldwide, and intends to bring the
benefits of bipolar technology to new and existing markets. WeEn
Semiconductors is registered at
Nanchang city
which is the capital city of
Jiangxi
province, China.
It fully owns subsidiaries and branches in
Jilin city for
bipolar production, in
Shanghai and the
United Kingdom
for R&D and production support, in
Hong Kong for
Sales activities, and in many other countries for sales and customer services,
respectively. Find out more at http://www.weensemi.com/
About
NXP Semiconductors
NXP Semiconductors N.V.
(NASDAQ:NXPI) creates solutions that enable secure connections for a smarter
world. Building on its expertise in high-performance mixed-signal electronics,
NXP is driving innovation in the areas of connected cars, cyber security,
portables and wearables, and the Internet of Things. NXP has
operations in more than 25 countries, and posted revenue of
$5.65 billion in 2014. Find out more at
www.nxp.com
About JAC Capital
Beijing Jianguang Asset Management Co., LTD. (“JAC Capital”)
is a subsidiary of JIC Capital. JAC Capital was
established for the purpose of investing in the high tech industry including
semiconductor, information technology, networking, data service, cloud
computing and telecommunications.By taking advantage of the abundant resources
in the international financial market, JAC Capital partners with industrial
leaders in various sectors make investments in the focused high tech industry
and the global semiconductors market to support its continuous development.
For further information, please contact:Investors:Jeff Palmerjeff.palmer@nxp.com+1 408 518 5411Media:Joon Knapenjoon.knapen@nxp.com+49 151 257 43 299
NXP Semiconductors Netherlands B.V.