FormFactor Announces the Closing of its Divestiture of China Operations
February 26 2024 - 4:01PM
FormFactor, Inc. (Nasdaq: FORM) is pleased to announce the closing
of its sale of FormFactor’s Suzhou and Shanghai companies to Grand
Junction Semiconductor Pte. Ltd. (GJS), for $25M in cash, subject
to taxes and customary purchase price adjustments. The transaction
is part of a long-term partnership between the two companies,
initially announced February 7th, 2024, which also includes an
exclusive distribution and partnership agreement to continue sales
and support of FormFactor’s products in China.
“This transaction is designed to adjust our operational strategy
in the region in light of export controls that have caused our
China revenues to decline over the past several quarters,” Mike
Slessor, FormFactor CEO, commented. “Through this sale and ongoing
exclusive partnership with GJS, we are better positioned to
effectively serve the growing domestic China market.”
About FormFactor:
FormFactor, Inc. (NASDAQ: FORM), is a leading provider of
essential test and measurement technologies along the full
semiconductor product life cycle - from characterization, modeling,
reliability, and design de-bug, to qualification and production
test. Semiconductor companies rely upon FormFactor’s products and
services to accelerate profitability by optimizing device
performance and advancing yield knowledge. The Company serves
customers through its network of facilities
in Asia, Europe, and North America. For more
information, visit the Company’s website
at www.formfactor.com.
Investor ContactStan FinkelsteinInvestor
Relations(925) 290-4321ir@formfactor.com
FormFactor (NASDAQ:FORM)
Historical Stock Chart
From Apr 2024 to May 2024
FormFactor (NASDAQ:FORM)
Historical Stock Chart
From May 2023 to May 2024