IQE
plc
Cardiff, UK
4 December 2024
IQE announces completion of
Pennsylvania site sale process
as part of global
consolidation strategy
IQE plc (AIM: IQE, "IQE" or
the "Group"), the leading supplier of advanced compound
semiconductor wafer products and material solutions to the global
semiconductor industry, today announces that it has completed the
sale of its decommissioned site in Bethlehem, Pennsylvania. As a
result of the sale, IQE will receive $2.5m immediately and a
further $3.0m before the end of the year.
IQE ceased operations in the
Pennsylvania site in late 2023 and has
since transferred the site's expertise, IP, assets and customers to
its larger facility in Greensboro, North Carolina. This has allowed
IQE to concentrate its efforts in North America on developing this
site into a world-class facility serving advanced sensing, optical
communications, aerospace & defence and wireless markets. The
North Carolina site is also supported through significant funding
from the local government.
Jutta Meier, Interim CEO and CFO, commented:
"The completion of the sale of our decommissioned Pennsylvania
site will further strengthen our balance sheet, bringing in $5.5m
in cash by the end of 2024. I am pleased to complete this milestone
and the further consolidation of our manufacturing
footprint."
Contacts:
IQE
plc
+44 (0) 29 2083 9400
Mark Cubitt
Jutta Meier
Amy Barlow
Peel
Hunt LLP (Nomad and Joint Broker)
+44 (0) 20 7418 8900
Ben Cryer
Kate Bannatyne
Adam Telling
Numis (Joint Broker)
+44 (0) 20 7260 1000
Simon Willis
Hugo Rubinstein
Iqra Amin
Headland Consultancy (Financial PR)
+ 44 (0) 20
38054822
Andy Rivett-Carnac: +44 (0) 7968 997
365
Chloe Francklin: +44 (0)78 3497
4624
ABOUT IQE
http://iqep.com
IQE is the leading global supplier
of advanced compound semiconductor wafers and materials solutions
that enable a diverse range of applications across:
·
handset devices
·
global telecoms infrastructure
·
connected devices
·
3D sensing
As a scaled global epitaxy wafer
manufacturer, IQE is uniquely positioned in this market which has
high barriers to entry. IQE supplies the whole market and is
agnostic to the winners and losers at chip and OEM level. By
leveraging the Group's intellectual property portfolio including
know-how and patents, it produces epitaxy wafers of superior
quality, yield and unit economics.
IQE is headquartered in Cardiff UK, with c. 670 employees across
nine manufacturing locations in the UK, US, Taiwan and Singapore,
and is listed on the AIM Stock Exchange in London.