ON Semiconductor Corp - ON STOCK NEWS

onsemi has launched industry-first simulation tools for its EliteSiC Silicon Carbide product family, enhancing their application in power electronics. The new Elite Power Simulator and Self-Service PLECS Model Generator provide valuable insights through early-stage system-level simulations, significantly reducing hardware testing costs. These tools allow engineers to generate high-fidelity PLECS models tailored for complex applications, particularly for soft switching designs. The launch aims to expedite product development and optimize performance within technology limits, marking a significant advancement for the power electronics industry.

onsemi (Nasdaq: ON) has introduced the NCV-RSL15, an ultra-low power automotive-grade wireless microcontroller equipped with Bluetooth Low Energy connectivity. This innovation aims to meet the rising demand for wireless connectivity in vehicles while addressing security concerns linked to increased sensor usage. The NCV-RSL15 boasts the industry's lowest power consumption, enabling a 10-year battery life, making it ideal for applications like Tire Monitoring Systems and portable remote access devices. It features advanced security protocols, including Arm CryptoCell technology, ensuring protection against unauthorized access. The device is supported by a robust software development kit.

onsemi (Nasdaq: ON) has committed to the Science Based Target Initiative (SBTi) as part of its strategy to achieve net zero emissions by 2040. The company submitted a commitment letter to SBTi, initiating a 24-month goal validation process. This move includes setting near-term science-based emission reduction targets to ensure global temperatures do not exceed 1.5°C. The approved targets will be published by December 2024, enhancing transparency and investor confidence. The initiative is expected to align onsemi's growth with sustainable practices, providing a competitive edge in meeting customer emission reduction goals.

onsemi (Nasdaq: ON) has announced a long-term supply agreement with BMW AG for its EliteSiC technology, which will be integrated into BMW's electric drivetrains. The EliteSiC 750 V M3 die will be used in a full bridge power module to enhance the efficiency and performance of BMW's electric vehicles (EVs). This collaboration focuses on optimizing the size and performance of components to meet the growing demand for premium EVs. onsemi's vertically integrated supply chain will support production scalability, enhancing the range and efficiency of BMW's future EV models.

onsemi announced the pricing of its private offering of $1.3 billion in 0.50% Convertible Senior Notes due 2029, at a 32.5% premium to its stock closing price on February 23, 2023. The offering size increased from $1.1 billion. The net proceeds, estimated at $1.27 billion, will primarily repay existing debt and finance hedge transactions. The notes will mature on March 1, 2029, and interest will be paid semiannually. onsemi's board has also authorized a $3.0 billion stock repurchase program, using $100 million for immediate repurchases. This offering is expected to close on February 28, 2023.

ON Semiconductor Corporation (NASDAQ: ON) announced plans to offer $1.1 billion of Convertible Senior Notes due 2029, subject to market conditions. The offering will comply with Rule 144A of the Securities Act and is intended for qualified institutional buyers. Proceeds will primarily be used to repay existing $1.086 billion indebtedness under its Term Loan 'B' Facility, incur transaction costs, and for general corporate purposes. Additionally, the company has authorized a $3 billion stock repurchase program, with potential buybacks impacting share pricing. The notes will have semiannual interest, and conversions can involve cash or common stock.

onsemi has acquired GlobalFoundries’ East Fishkill (EFK) fab, the largest U.S. manufacturing site for the company, effective December 31, 2022. This acquisition enables onsemi to enhance its manufacturing capabilities, retaining over 1,000 jobs at the facility. With significant investments exceeding $1.3 billion, the EFK site will focus on power, analog, and sensing technologies. The facility introduces advanced 300 mm capabilities, including 40 nm and 65 nm technology nodes. onsemi's strategy includes collaborating with GF for R&D while contributing to the local economy and semiconductor workforce development.

onsemi reported impressive financial results for Q4 and the fiscal year 2022, achieving record revenue of $2,103.6 million in Q4, a 14% year-over-year increase. The company also recorded a fiscal year revenue of $8.3 billion, reflecting a 24% growth. Q4 gross margins were 48.5% with a 343 bps year-over-year increase. In a significant move, onsemi's Board approved a $3 billion share repurchase program, emphasizing their commitment to long-term shareholder value.

CEO Hassane El-Khoury highlighted a 38% increase in design wins, indicating strong future prospects.

onsemi (Nasdaq: ON) has announced a strategic agreement with Volkswagen AG to supply semiconductor modules for a complete traction inverter solution tailored for VW’s next-generation electric vehicle (EV) platform. This partnership aims to enhance driving performance and quality in VW vehicles, leveraging onsemi’s EliteSiC 1200 V traction inverter power modules. The collaboration, which builds on over a year of joint development, includes advanced features from onsemi's extensive portfolio, such as IGBTs and MOSFETs, ensuring a robust supply chain for VW's rapidly scaling EV production.