REG - IQE PLC - IQE plc: Completion of Pennsylvania site sale

IqeAnnouncement

04/12/2024 07:00

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RNS Number : 6837O  IQE PLC  04 December 2024

IQE plc

 

Cardiff, UK

4 December 2024

 

 

 

IQE announces completion of Pennsylvania site sale process

as part of global consolidation strategy

 

 

IQE plc (AIM:  IQE, "IQE" or the "Group"), the leading supplier of advanced
compound semiconductor wafer products and material solutions to the global
semiconductor industry, today announces that it has completed the sale of its
decommissioned site in Bethlehem, Pennsylvania. As a result of the sale, IQE
will receive $2.5m immediately and a further $3.0m before the end of the year.

IQE ceased operations in the Pennsylvania site in late 2023 and has since
transferred the site's expertise, IP, assets and customers to its larger
facility in Greensboro, North Carolina. This has allowed IQE to concentrate
its efforts in North America on developing this site into a world-class
facility serving advanced sensing, optical communications, aerospace &
defence and wireless markets. The North Carolina site is also supported
through significant funding from the local government.

Jutta Meier, Interim CEO and CFO, commented:

"The completion of the sale of our decommissioned Pennsylvania site will
further strengthen our balance sheet, bringing in $5.5m in cash by the end of
2024. I am pleased to complete this milestone and the further consolidation of
our manufacturing footprint."

Contacts:

 

IQE plc

+44 (0) 29 2083 9400

Mark Cubitt

Jutta Meier

Amy Barlow

 

Peel Hunt LLP (Nomad and Joint Broker)

+44 (0) 20 7418 8900

Ben Cryer

Kate Bannatyne

Adam Telling

 

Numis (Joint Broker)

+44 (0) 20 7260 1000

Simon Willis

Hugo Rubinstein

Iqra Amin

 

Headland Consultancy (Financial PR)
+ 44 (0) 20 38054822

Andy Rivett-Carnac: +44 (0) 7968 997 365

Chloe Francklin: +44 (0)78 3497 4624

 

ABOUT IQE

http://iqep.com
(https://www.globenewswire.com/Tracker?data=yZf7NKp1JKLALUCxlBuC8wkLnLAqoe5-kjjIlkMIDci9q9W0x_02bwZV-eorSbpLXZxy4zi3xHh-O4FM8nWjeg==)

 

IQE is the leading global supplier of advanced compound semiconductor wafers
and materials solutions that enable a diverse range of applications across:

 

·    handset devices

·    global telecoms infrastructure

·    connected devices

·    3D sensing

 

As a scaled global epitaxy wafer manufacturer, IQE is uniquely positioned in
this market which has high barriers to entry. IQE supplies the whole market
and is agnostic to the winners and losers at chip and OEM level. By leveraging
the Group's intellectual property portfolio including know-how and patents, it
produces epitaxy wafers of superior quality, yield and unit economics.

IQE is headquartered in Cardiff UK, with c. 670 employees across nine
manufacturing locations in the UK, US, Taiwan and Singapore, and is listed on
the AIM Stock Exchange in London.

 

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