FMF - FormFactor Announces the Closing of its Divestiture of China Operations
LIVERMORE, Calif., Feb. 26, 2024 (GLOBE NEWSWIRE) -- 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 7 th , 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 Contact
Stan Finkelstein
Investor Relations
(925) 290-4321
ir@formfactor.com