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FormFactor, Inc. (NASDAQ:FORM) is pleased to announce the closing of its sale of FormFactor's Suzhou and Shanghai companies to Grand Junction Semiconductor Pte. Ltd. (GJS), for $25M in cash, subject to taxes and customary purchase price adjustments. The transaction is part of a long-term partnership between the two companies, initially announced February 7th, 2024, which also includes an exclusive distribution and partnership agreement to continue sales and support of FormFactor's products in China.
"This transaction is designed to adjust our operational strategy in the region in light of export controls that have caused our China revenues to decline over the past several quarters," Mike Slessor, FormFactor CEO, commented. "Through this sale and ongoing exclusive partnership with GJS, we are better positioned to effectively serve the growing domestic China market."
Posted In: FORM
