ON Semiconductor Corp announces healthy Q1 profits

e14news — Thu, 07 Oct 2021 09:21:15 GMT

Current Revision posted to Documents by e14news on 10/7/2021 9:21:15 AM
ON Semiconductor Corp has issued first-quarter results and second-quarter outlook well above analyst expectations.

The firm reported a profit of $74.8 million, compared with $63 million in the 2010 quarter.

Its results were boosted by a $61.3 million contribution from Sanyo Electric Co.'s chip business, which it bought in the first quarter.

Meanwhile, Applied Materials Inc, the world's largest maker of semiconductor fabrication equipment, last week announced plans to buy Varian Semiconductor Equipment Associates Inc for $4.9 billion.

The acquisition is set to become the biggest local tech deal in the US this year. It is, in fact, the latest in a spurt of mega-mergers to sweep the state.

"New England will always be a fertile source for tech deals, but we're also seeing a significant uptick in activity in the banking, financial services, health care, and energy industries," commented Nicole Desharnais, a Boston attorney with Nutter McClennen & Fish LLP, who specializes in mergers and acquisitions.