UK delays sign-off on Vishay’s Newport wafer fab deal
A lack of UK government approval for Vishay’s purchase of Nexperia’s wafer fab in Newport, South Wales, is putting jobs at risk, according to reports.
The delay comes despite the fact that it was UK government that insisted the current owner Nexperia BV (Nijmegen, The Netherlands) sell the plant on national security considerations. The UK government ruled that Nexperia’s ownership by a Chinese company was unacceptable.
Power semiconductor company Vishay Intertechnology Inc. (Malvern, Pennsylvania) agreed to buy the wafer fab from Nexperia in November last year (see Vishay to buy Newport fab for $117 million).
Nearly three-months on and the UK government has yet to rule that the deal can go ahead. The lack of action is worrying employees at the plant. Work has dried up and because the plant is “in limbo” no new work is being started and this could put jobs at risk, reports said. The concerns prompted a delegation of Newport-based staff to travel to Westminster to try and draw attention to their plight.
Most cases under the National Security and Investment Act are cleared “within a prompt, business-friendly 30 working days,” according to the government website. No reason has been given why this high-profile deal is taking longer.
Related links and articles:
News articles:
Vishay to buy Newport fab for $117 million
Nexperia lawyers up for fight over Newport Wafer Fab
Nexperia forced to sell Newport Wafer Fab stake
If you enjoyed this article, you will like the following ones: don't miss them by subscribing to :
