SAN JOSE--IMP Inc. and Teamasia Semiconductors (India) Ltd. today announced an agreed to become partners in discrete semiconductors and ICs for analog applications.
As part of the arrangement, Teamasia will make a "substantial" equity investment in IMP and gain a seat on the San Jose company's board of directors. The companies did not disclose the exact amount of Teamasia's planned investment.
Under the agreement, IMP will process wafers for Teamasia. The Indian chip supplier said it will gradually increase its use of IMP's fab until its wafers account for more than 20% of the capacity.
"The proposed partnership with Teamasia will give IMP the financial resources it needs, increase the volume of wafers produced in its fabrication facility and provide increased presence in the Asian market," said Zvi Grinfas, who became IMP's CEO earlier this month (see Sept. 3 story).
IMP has been struggling in recent months. Three weeks ago, IMP announced it was laying off 14% of its employees to cut costs and looking for a partner (see Sept. 10 story).
Under the new partnership, IMP will provide training for Teamasia design and manufacturing personnel in support of operations in India. Based in Andhra Pradesh, Teamasia is now setting up India's largest manufacturing plant for small-signal and power semiconductors.
"IMP brings to Teamasia process technologies and talent to expand Teamasia's current product lines and positions the partners to be leading suppliers of discrete semiconductors and analog ICs," said Subbarao Pinamaneni, managing director ofTeamasia.