TEXAS Instruments Factory In Greenock Saved As Deal Reached With New Company
THE Texas Instruments factory in Greenock is to to be saved from closure after agreement was reached for it to be acquired by global manufacturer Diodes Incorporated.
Employees at the site in Larkfield Industrial Estate will transfer to the new owners. A part of a multi-year supply agreement, Diodes will continue to manufacture Texas Instruments’s analogue products.
President and chief executive officer of Diodes, Dr Keh-Shew Lu said: “The proposed acquisition of GFAB [the Greenock factory] aligns well with our strategic plan for significant revenue and profit dollar growth over the next several years.
“GFAB offers Diodes additional wafer fab capacity to support our product growth, in particular our automotive expansion initiatives, as well as excellent engineering skills and wafer fab know-how to support our technical and operational performance expectations. This transaction meets our criteria for strategic acquisitions.”
He added: “We look forward to welcoming the GFAB team into the Diodes’ family. In addition, Diodes extends our appreciation to the Scottish Government, Scottish Development International and Inverclyde Council, who have worked to facilitate this transaction.”
Jamie Hepburn MSP, Scottish Government minister for business, fair work and skills, said: “I am pleased that Texas Instruments and Diodes have reached an agreement that will see continued production and employment in Greenock. The positive approach we have taken has helped to support this outcome and securing these jobs in Greenock would be a terrific result for all involved. The Scottish Government and its agencies will continue to work closely with Diodes, Texas Instruments and our public sector partners to put this project on a path towards a successful conclusion.”
As part of the activity of a taskforce established in 2016 when the potential closure of the facility was announced, Scottish Enterprise and Inverclyde Council have proposed significant support for Diodes’s future investment in the site.
Inverclyde Council leader and chair of the task force, Councillor Stephen McCabe, said: “This is an excellent outcome for both Inverclyde and Scotland. Diodes will help protect jobs in the area and this is a further endorsement of Inverclyde as a business location. The positive approach of all partners involved in the task force has helped to support this development and we look forward to working together to make sure this is a success.”
Paul Lewis, managing director of Scottish Development International, said, “We have worked closely with Diodes, Texas Instruments and our public sector partners to bring this project to a successful resolution. Securing these jobs in Greenock is a terrific outcome for all involved. We look forward to working with the team at Diodes to help them achieve their growth plans for Scotland.”
Concluding the deal is subject to customary conditions and is expected to be completed at the end of the first quarter of 2019. Terms of the agreement were not disclosed.
