Allegro Press Release: Polar Semiconductor Investment and Expansion
MANCHESTER, N.H., Jan. 27, 2023 (GLOBE NEWSWIRE) — Allegro MicroSystems, Inc. (“Allegro”) (Nasdaq: ALGM) a global leader in power and sensing semiconductor technology for motion control and energy-efficient systems, today announced that Polar Semiconductor (“Polar”), a company jointly-owned by Allegro and Sanken Electric Co., Ltd. (“Sanken”), and one of Allegro’s primary suppliers of 200-millimeter wafers, is expected to receive a $150 million equity investment from an affiliate of One Equity Partners to expand 200-millimeter sensor and high voltage power wafer capacity at its fabrication facility in Bloomington, Minnesota. In conjunction with this investment, Polar is also pursuing U.S. CHIPS Act funding to further invest in its capacity and cost leadership initiatives to supply sensor and high-voltage power wafers for critical automotive and industrial applications.
This investment is expected to provide Allegro with expanded U.S.-based capacity to support customers for years to come. “We appreciate our longstanding relationship with Polar and look forward to continued partnership to support anticipated growing customer demand,” said Vineet Nargolwala, Allegro Microsystems President, and CEO.
The transaction is expected to close in the first quarter of Allegro’s 2024 fiscal year.
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