ONNN update: Thai floods close Rojana SATS ops indefinitely

October 31, 2011 — ON Semiconductor Corporation (Nasdaq:ONNN) believes that its SANYO Semiconductor division’s Thai operations in the Rojana Industrial Park in Ayutthaya, Thailand have been severely damaged by the flood. Another facility in Bang Pa In, previously unaffected, is now flooded. ONNN says none of its employees in Thailand have been endangered by flood waters on-site.

Operations at Rojana remain suspended, and ONNN has not been able to enter the 160000sq.ft. site, which employs 2000 people. The company believes it will be unable to re-start semiconductor probe, assembly and test operations at Rojana indefinitely. The flood damage is likely to exceed On Semi’s $50 million of potential insurance proceeds at Rojana.

Production is being moved to other facilities within and outside the global ON Semiconductor manufacturing network. Certain products will be sourced from alternative assembly and test locations beginning in Q4 2011, while more complex production transfers may take multiple quarters to be restored to full production capacity.

The newly flooded Bang Pa In location has had to suspend operations and evacuate. The ONNN equipment is located above the ground floor, but the company is not yet able to assess damage to the 8000sq.ft. location. 150 employees work here.

Rojana Industrial Park produced approximately 10-12% of ON Semiconductor

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