Motorola executives bid $1.6bn for chip unit

Motorola executives bid $1.6bn for chip unit
Tom Foremski
A group of current and former Motorola executives has offered to buy Motorola’s semiconductor components group (SCG) for $1.6bn with a promise of job security for the unit’s 14,000 worldwide staff.
The TFG Acquisition Corp (TFGAC) says the Motorola unit has good potential and that it can acquire the business with a good understanding of company and its operations.
“The SCG unit is certainly a gem in the Motorola portfolio and we believe that leveraging the current employee base and operating plants will provide a strong operational and financial base upon which to build a premier organization to serve existing and new customers with the basic products of today and new products for the future,” said Gary Thomas, TFGAC’s acting CFO and formerly Motorola’s Controller of the Power Products Division of the Discrete Group and former Controller of the Analog IC Division.
TFGAC has requested that the Motorola Board of Directors consider their bid immediately along with any other bids for the SCG division.

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