Microsemi has sold the assets of Semicoa to a third party. In connection with this sale, the United States Department of Justice has settled its civil action against Microsemi. Microsemi's settlement with the Department of Justice is subject to final approval under procedures set out by federal law.
Microsemi said, it's quarterly results will not get impacted by the sales and Microsemi is currently making no changes to its revenue or earnings guidance for the September quarter.
In another separate statement by Semicoa, Semicoa has stated its returning to military and high-rel semiconductor device business. The statement reads, "After a 1 year absence Semicoa returns with solid financial backing from private equity firm Vance Street Capital, headquartered in Los Angeles, CA."
Comments from Perry Denning, Semicoa President:
"The Semicoa team is excited to again support those customers whose determination has enabled us to re-enter the market and to re-establish constructive working relationships. Without the determined effort of the customer base and Vance Street, this could not have taken place"
"Vance Street has worked with us for over a year to ensure that the new Semicoa is established with the financial backing necessary to execute our product plans. In the coming months we will reveal the details of our new plans to support our customers with the same high levels of quality and service Semicoa has provided in the past."