On Semiconductor allots $40M for capex
MANILA, Philippines - On Semiconductor Philippines Inc. is planning to spend $40 million in the next two years to purchase equipment and upgrade technology.
“We have approved $40 million capital expenditures for the next two years for our three factories,†On Semiconductor Philippines president and general manager Sunil Banwari told reporters.
The approved capital spending for the next two years is higher than the $10 million spent last year.
“We see the Philippines as a growth area so we are expanding our operations,†Banwari said.
He noted that three-fourths of the approved amount will be spent for the two facilities located in Cavite while the balance will go to the factory in Tarlac.
“It will be spent predominantly on equipment for the production of new products,†he said.
He added that the firm will also be spending to upgrade technology.
“We are always investing in R & D (research and development),†he said.
On Semiconductor manufactures electronic components for automotive, communications, computing, consumer, industrial, military and aerospace applications.
Headquartered in Arizona in the US, the firm has a network of manufacturing facilities, sales offices and design centers in key markets throughout North America, Europe, and the Asia Pacific regions.
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