By Peter Clarke
Silex Microsystems AB (Järfälla, Sweden), which claims to be the world’s leading pure-play manufacturer of MEMS, is being bought out from its Chinese owner.
A Swedish consortium led by Bure Equity and Creades has agreed to acquire 55 percent of shares in Silex Microsystems from main owner Sai Microelectronics Inc. (Beijing, China) at a debt-free valuation of SEK 5.5 billion (about $580 million). The consortium includes Grenspecialisten, 3S Invest, SEB-Stiftelsen and TomEnterprise.
Silex was acquired by Chinese interests in 2015 and became a subsidiary of Sai Microelectronics, which is listed on the Shenzhen stock exchange. Under the terms of the transaction Sai retains a 45 percent minority stake in the company.
Silex was founded in 2000 when it took over a wafer fab in Järfälla from Zarlink, formerly Plessey Semiconductors and before that Mitel.
MEMS, which stands for micro-electro-mechanical systems, uses semiconductor manufacturing processes to integrate both electronic and mechanical functions on a single die. MEMS usually make use of mature processes to combine physical structures and analog electronic devices as transducers for a wide variety of sensing and actuating applications.
Geopolitics played a minor role in the decision to acquire Silex, according to Edvard Kälvesten, founder and CEO of the company. “We are proud to welcome several of the most reputable long-term investors in Sweden as new main shareholders in the company,” he said, in a statement. “Becoming a Swedish majority-owned company again, will also benefit our continued growth as we operate in a more complex geopolitical context. The demand for MEMS is growing and we look forward to continuing our expansion together with our new owners.”
Under Chinese ownership Silex’ sales enjoyed compound annual growth rate of 17 percent from 2015 to 2024. This resulted in 2024 total sales of SEK 1.23 billion (about $130 million) and an EBIT margin of 28 percent. As a private company Silex was estimated to have $34 million of sales in 2012.
Silex announced plans to build a 300mm wafer fab alongside the existing 200mm wafer fab at Järfälla in May 2024 but provided no timetable for construction or a start date for the production of components. The fab was being set up to enable the wafer-level integration of CMOS and MEMS die, the company said in a statement at the time.
In 2015 it was announced that 300mm wafer fab would be completed in Beijing with first wafers out mid-2017 using the same equipment set as used in the 200mm wafer fab in Järfälla.
The buy-out deal is subject to regulatory approvals and is expected to complete during the third quarter of 2025.
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Peter Clarke is a veteran reporter and analyst covering the global electronics industry. He is a regular contributor to TechSplicit from his base in the United Kingdom.
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