Accelerating its Globalization, JCET Completes Acquisition of ADI's Singapore Test Facility

SHANGHAI, May 31, 2021 /PRNewswire/ -- JCET Group (SSE: 600584), a leading global provider of integrated circuit (IC) manufacturing and technology services, today announced that it has officially completed the acquisition of Analog Devices Inc.'s ("ADI") Singapore test facility, with its test staff to be transferred to the JCET operations team in the near future. Details of the sale were not disclosed. From the inception of this strategic acquisition agreement between JCET and ADI in December 2019, both parties have actively participated in the completion of the relevant work in accordance with the agreement, and have successfully completed the acquisition on schedule through regular joint meetings, close communication and collaboration throughout the process. The relationship between the two parties continues to grow and as a result of this acquisition, JCET's test business in Singapore can continue to expand, and its global business strategy can continue to move forward at a smooth and steady pace.

JCET was one of the first providers of packaging and test manufacturing services in Singapore, and the acquisition of ADI's Singapore test facility will further enhance its market competitiveness. "ADI and JCET's subsidiary STATS ChipPAC have been working very closely together in Singapore for over more than 20 years," said Mr. Lid Jian Chiou, Managing Director of JCET's Singapore subsidiary. "With the success of this acquisition, it once again endorses our Best-in-Class Test Manufacturing and Engineering capacities at JCET and also shows the high level of confidence and trust ADI places in our partnership. We will continue to leverage on this strong partnership, to further expand our semiconductor footprint in Singapore."

Singapore has been ranked at the top of the Global Innovation Index for several years, and its outstanding innovation system and innovation environment have provided lasting momentum to drive the global semiconductor industry forward. "The semiconductor sector is a key pillar of the manufacturing industry in Singapore, and companies undertake a diverse range of activities here, including R&D and high value-added manufacturing activities. We congratulate JCET on its expansion in Singapore, which opens up new capabilities in advanced test operations. This is testament to Singapore's competitiveness as a hub for advanced manufacturing and innovation, and a key node in the global semiconductor value chain. We look forward to partnering with JCET in their next phase of growth and creation of new business and job opportunities in the sector," said Terence Gan, Senior Vice President and Head, Semiconductors, Singapore Economic Development Board.

Steve Lattari, Senior Vice President, Global Operations & Technology at ADI said, "This is another important milestone in the relationship between ADI and JCET.  The factory sale and consignment of test assets demonstrates our mutual commitment to continuity of supply, supporting both our employees and customers".

JCET has been deeply rooted in the Singapore market for a long time and this opens another chapter for JCET in this technology and manufacturing hub. Mr. Li Zheng, Chief Executive Officer of JCET, said, "We are pleased to see that JCET's subsidiary operation, STATS ChipPAC Singapore, is now fully prepared to receive the factory facility together with an excellent engineering and operational team from ADI in Singapore.  We are very appreciative of the great collaboration between our two companies, and we are confident that launching this new project will further enhance our now two decade long partnership with ADI, and will also provide additional high quality test capacity for the global semiconductors industry."

SOURCE JCET Group