- ON Semiconductor had recently drawn approximately $1.17 billion from its revolving credit facility in March 2020
- The company had also announced laying off 475 employees amid restructuring due to COVID-19
ON Semiconductor has announced the launch of NXH25C120L2C2, NXH35C120L2C2/2C2E, and NXH50C120L2C2E, which are 25, 35, and 50 Ampere versions of Transfer-Molded Power Integrated Modules (TM-PIM) for 1200 Volt (V) applications. The company is retailing these in Converter-Inverter-Brake (CIB) and Converter-Inverter (CI) configurations. The company has also announced the NFAM2012L5B and NFAL5065L4B, expanding its intelligent-power-module (IPM) portfolio, which includes voltage ratings of 650 V and 1200 V, and current ratings from 10 to 75 A.
“With on-chip galvanic isolation, the NCD57000 and NCD57001 IGBT Gate Drivers enable compact, efficient, reliable gate driver designs by reducing system complexity. The devices deliver 4 / 6 A of source and sink current respectively, while also integrating DESAT, Miller clamp, UVLO, Enable, and regulated VREF,” read company’s official statement.
On Semiconductor has recently laid off employees
The company had recently announced its decision to lay off 475 employees across its global footprint to cut costs as it deals with the COVID-19 pandemic. ON Semiconductor employs nearly 35,000 people globally. As per reports, it said that the targeted cost reductions are structural in nature and are not expected to impact the company’s ability to respond to a significant.
On Semiconductor’s CEO Keith Jackson had warned investors in a filing that the company was in the process of implementing restructuring measures that are expected to reduce annual cost savings of approximately $90 million. He had added that the majority of the same was expected to be in operating expenses.
The company had also drawn down approximately $1.17 billion from its revolving credit facility in March 2020. The company said that has no immediate use of the funds, and it has made the withdrawal out of abundance of caution to have access to sufficient liquidity in an uncertain macroeconomic environment. With this withdrawal, the company has made full use of its $1.97 billion revolving line of credit.
“The withdrawal of approximately $1.17 billion from our revolving line of credit significantly enhances our liquidity position by adding to approximately $894 million of cash on our balance sheet at the end of the fourth quarter of 2019. With a history of prudent and aggressive cost management in the wake of challenging conditions, we are very confident that ON Semiconductor should be able to successfully weather the current macroeconomic challenges,” Bernard Gutmann, chief financial officer and executive vice president of ON Semiconductor had stated earlier.
