SAN JOSE -- Analog chip maker IMP Inc. said India's Teamasia Semiconductor Pte. Ltd. now holds a 62% stake in the San Jose company after acquiring 4.8 million shares of stock for $3.9 million.
Teamasia, a supplier of discrete semiconductors in Asia, has begun using IMP as a chip foundry and since last year has increased its investment in the company to help it recover from losses. IMP said the latest investment of $3.9 million will be used for working capital and general corporate purposes.
"This is an important transaction for IMP, and we welcome Teamasia in their new expanded role," said Zvi Grinfas, chairman of IMP.
Late last year, IMP announced plans to make Teamasia a majority shareholder and to provide additional wafer fab capacity to the Indian company in return for financial assistance (see March 1 story). Teamasia is based in Patancheru, India.