Verizon United Semiconductor sells Chinese factory to Luxshare Precision

Qorvo announced a strategic partnership with Luxshare Precision and reached a final agreement to sell assembly and test plants in Beijing and Dezhou, Shandong to Luxshare Precision. The transaction is expected to be completed in the first half of next year

According to our understanding, after the transaction is completed, Luxshare Precision will take over the operations and assets of the above-mentioned factory. Including property, plant, equipment and existing employees. Verizon United Semiconductor will retain its sales, engineering and customer support employees in China to continue to serve customers. Luxshare Precision will assemble and test products for Verizon United Semiconductor under the newly signed long-term supply agreement.

Grant Brown, chief financial officer of Verizon United Semiconductor, said: "With this transaction, we are able to further reduce capital investment, while also helping to achieve our long-term gross margin goals and ensure that we Business continuity in the Chinese market.”

Verizon United Semiconductor’s customers include mobile phone manufacturers such as Apple. The company said that its factories in Beijing and Texas are mainly used to assemble and test the company’s advanced cellular communications integrated products

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