China's SMIC acquires 70% stake in Italian chipmaker
The Semiconductor Manufacturing International Corp., a Chinese-based semiconductor foundry, acquired a 70 percent stake in Italian chipmaker LFoundry, which produces wafers for integrated circuits.
The 49 million euro (360 million yuan) deal will help SMIC establish a presence in overseas markets for automotive, security and industrial products.
SMIC is the largest semiconductor foundry in mainland China, LFoundry said in a statement. Last year, SMIC's revenues totaled 15 billion yuan while LFoundry's sales totaled 1.6 billion yuan.
SMC, headquartered in Shanghai, operates wafer fabrication plants in Shanghai, Beijing, Tianjin and Shenzhen. The company also has marketing offices in the United States, Europe, Japan and Taiwan.
LFoundry is based in Aveszzano, Italy.
The 49 million euro (360 million yuan) deal will help SMIC establish a presence in overseas markets for automotive, security and industrial products.
SMIC is the largest semiconductor foundry in mainland China, LFoundry said in a statement. Last year, SMIC's revenues totaled 15 billion yuan while LFoundry's sales totaled 1.6 billion yuan.
SMC, headquartered in Shanghai, operates wafer fabrication plants in Shanghai, Beijing, Tianjin and Shenzhen. The company also has marketing offices in the United States, Europe, Japan and Taiwan.
LFoundry is based in Aveszzano, Italy.
