Intersil Plans Phased Closure of Findlay, Ohio Semiconductor Operation
IRVINE, Calif.--March 29, 2001--Intersil Corporation , a leading provider of silicon technology for wireless access and communications analog markets, announced today that it plans to embark on a phased closure of the company's Findlay, Ohio operation, which manufactures integrated circuits (ICs) primarily for automotive and industrial applications. This decision is part of the company's previously announced strategy of de-emphasizing automotive and industrial products to focus on communications.
"Our plan to exit our legacy automotive business has been accelerated due to weakening economic conditions and decreased demand for these products over recent months," said Greg Williams, Intersil President and CEO. "This action, although difficult, will allow us to focus resources on higher growth opportunities within our analog portfolio."
Intersil will begin a phased plant closure process it expects to complete within 12 to 18 months, during which the company will continue to try to identify a buyer for the manufacturing facility and automotive business. Intersil employs 430 people at its Findlay location.
About Intersil
Irvine, California-based Intersil is a leading supplier of semiconductors, reference designs and software for wireless access and communications analog markets. Intersil applies analog, mixed-signal and radio frequency (RF) expertise to the development of products tailored for high-growth communications markets. For more information about Intersil, visit the company's Internet homepage at www.intersil.com.
This press release contains statements relating to certain projections and business trends concerning the wireless access, communications analog and broadband wireless access markets that are forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended. Such forward-looking statements are based upon management's current expectations, estimates, beliefs, assumptions, and projections about our business and industry. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "will" and variations of these words or similar expressions are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various risk factors. Important risk factors that may cause such material differences for Intersil Holding Corporation ("Intersil") in connection with the wireless access, communications analog and broadband wireless access markets include, but are not limited to, the risk that Intersil may not obtain the desired benefits from the plant closure; the risk that gross margins will not improve; general economic conditions, the rate at which our present and future customers and end-users adopt Intersil's wireless access and communications analog technologies and products; the rate at which our present and future customers and end-users adopt Intersil's BWA technologies and products; the timing, rescheduling or cancellation of significant customer orders; the loss of a key customer; the qualification, availability and pricing of competing products and technologies and the resulting effects on sales and pricing of our products; silicon wafer pricing and the availability of foundry and assembly capacity and raw materials; intellectual property disputes; as well as other risk factors detailed from time to time in Intersil's filings with the U.S. Securities & Exchange Commission ("SEC") which you may obtain for free at the SEC's Web site, www.sec.gov. These forward-looking statements are made only as of the date of this press release and Intersil undertakes no obligation to update or revise these forward-looking statements.
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