Chip manufacturer Qorvo will sell some Chinese factories! Lixun Precision Connection Plate
2023-12-20
Wireless connectivity chip manufacturer Qorvo has stated that a final agreement has been reached to sell its assembly and testing facilities located in Beijing and Texas, China to contract manufacturer Lixun Precision Industries. The financial terms of the transaction have not been disclosed and are expected to be completed in the first half of 2024.
Qorvo added that after the transaction is completed, Lixun Precision will acquire the operations and assets of each factory, including property, plant and equipment, as well as existing employees, while Qorvo will continue to retain its sales, engineering, and customer support employees in China. Qorvo stated that Lixun Precision will assemble and test products for Qorvo in accordance with the newly signed long-term supply agreement. Qorvo CFO Grant Brown said, "This transaction further drives our efforts to reduce capital intensity, while supporting our long-term gross profit margin goals and ensuring continuity for Chinese customers."
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