PMI mulling sale
Precision Motion Industries Inc (PMI, 銀泰科技), whose components are used in semiconductor equipment, is exploring a sale that could value the Taiwanese company at more than US$1 billion, people familiar with the matter said. PMI is working with a financial adviser on the potential deal, said the people, who asked not to be identified because the deliberations are private. The company has attracted interest from private-equity firms and other industrial companies, one of the people said. Any deal would add to the US$4.5 billion of announced acquisitions of Taiwanese companies this year, compared with US$3.9 billion during the same period last year, data compiled by Bloomberg showed. In July, a consortium led by KKR & Co agreed to acquire Taipei-based LCY Chemical Corp (李長榮化工) in a deal valued at NT$47.8 billion (US$1.6 billion). Deliberations on any sale of Taichung-based PMI are at an early stage, and the company could still decide against a deal, the people said. PMI did not immediately respond to requests for comment.
Largan shares fall 1.68%
Shares in smartphone lens maker Largan Precision Co (大立光) jolted yesterday as the company hinted at poorer-than-expected demand from some of its clients. The company has not ruled out a dip in revenue for this month. The stock yesterday fell 1.68 percent to NT$3,800 in Taipei trading. Analysts also voice concerns about the company, a key supplier to Apple Inc, as the high price of newly launched OLED iPhones could drive consumers toward cheaper or older models, which are not equipped with the company’s most advanced lenses. The stock also tumbled by the maximum 10 percent limit on Tuesday, as investors were spooked by a massive stake transfer by the company’s founding family. Largan later clarified that the transfer of 6.09 million shares is part of the Lin (林) family’s long-term financial plan to ensure sustainable development, and the move would not affect its day-to-day operations.
A Cut plans French outing
A Cut Steakhouse at the Ambassador Hotel (國賓大飯店) is to team up with France’s iconic restaurant La Pyramide to offer special seven-course meals priced at NT$8,000 per set next month, the hotelier said. The gastronomic event from Oct. 25 to Oct. 27 reflects the steakhouse’s belief that there is ample demand for fine dining among local foodies as evidenced by a decade-high number of guests in the first half of the year, it said. The steakhouse’s cooking staff are to visit France this month to learn from La Pyramide so that they can wow local customers next month, it said.
Allianz signs Olympic deal
Allianz SE is to join the Olympic Partner Program in 2021 to provide insurance solutions for Olympic teams and athletes. Allianz said it is to work with the International Olympic Committee to support the Olympic movement with the ambition of providing insurance solutions to national Olympic committees around the world, as well as their Olympic teams and athletes. The support will include existing products, such as fleet and property and casualty insurance, but also insurance solutions for future products and services driven by technological changes, the firm said. The partnership is to run from 2021 through to 2028.
NO VIRUS BLUES: A SEMI Taiwan official said that the virus does not slow down the global semiconductor industry’s investment in manufacturing equipment The production value of the nation’s semiconductor industry is expected to grow 16.7 percent this year from last year, outpacing the global industry’s 3.3 percent growth, industry association SEMI said yesterday. That would help Taiwan safeguard its second spot in the global semiconductor market with a production value of more than NT$3 trillion (US$102.73 billion), SEMI Taiwan president Terry Tsao (曹世綸) told a media briefing in Taipei for the Semicon Taiwan trade show beginning today. The global semiconductor industry’s production value is expected to increase to US$426 billion this year, SEMI said. In terms of semiconductor equipment investment, equipment billings from Taiwanese firms
Intel Corp has received licenses from US authorities to continue supplying certain products to Huawei Technologies Co (華為), a company spokesman said yesterday. Washington has been pushing governments around to world to squeeze out Huawei, saying that the telecom giant would hand data to Beijing for espionage. From Monday last week, new curbs have barred US companies from supplying or servicing Huawei. This week, the state-backed China Securities Journal reported that Intel had received permission to supply Huawei. China’s Semiconductor Manufacturing International Corp (SMIC, 中芯國際), which uses US-origin equipment to make chips for Huawei and other companies, last week confirmed that it had sought
INVEST IN TAIWAN: A metal components casting firm and the world’s largest maker of aluminum bicycle rims also obtained approvals to join the program Solar Applied Materials Technology Co (SOLAR, 光洋應用材料), a part of Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) “green supply chain,” has pledged to invest NT$1 billion (US$34.1 million) to build a new plant at the Tainan Technology Industrial Park (台南科技工業區), the Ministry of Economic Affairs said yesterday. SOLAR has been collaborating with TSMC to extract precious metals from waste and reuse them as “sputtering target” material in high-end semiconductor manufacturing, a TSMC press release issued in May said. Established in 1978, SOLAR also offers key materials and integrated services to customers in the optoelectronics, information and communications technology, petrochemicals and consumer electronics industries,
Swancor Renewable Energy Co (上緯新能源) yesterday announced plans for a 4.4 gigawatt (GW) offshore wind project off Miaoli County as part of its commitment toward Taiwan’s energy transformation, the company said in a statement. The “Formosa 4” project includes three deep-water wind farms 18km to 20km off the coast, Swancor Renewable CEO Lucas Lin (林雍堯) said, adding that planning for the project began last year. A proposal for Formosa 4 was this week submitted to the Environmental Protection Agency (EPA), the company said. Swancor Renewable jointly developed the Formosa 1 project, a 128 megawatt (MW) wind farm about 4km off Miaoli and the