Friday April 28 1:59 PM ET
ON Semiconductor Rises 60 Percent After Trading
NEW YORK (Reuters) - Shares of ON Semiconductor (NasdaqNM:ONNN - news) rose about 60 percent after the former semiconductor components group of Motorola Inc. (NYSE:MOT - news) debuted on the Nasdaq on Friday.
Shares of ON Semiconductor, whose legal name is SCG Holding Corp., rose 10 to 26 shortly after trading. The stock ranked among the largest percentage gainers on the Nasdaq.
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The company, based in Phoenix, Ariz., sells its semiconductors to customers including Agilent Technologies Inc. (NYSE:A - news), Ford Motor Co. (NYSE:F - news), Hewlett-Packard Co. (NYSE:HWP - news) and Lucent Technologies Inc. (NYSE:LU - news).
The company employs about 13,400 people worldwide. ON Semiconductor said it plans to use the net proceeds of $448.7 million to redeem preferred stock and pay loans.
The company, which has 166.7 million shares outstanding, has a market capitalization of about $4.3 billion based on its current stock price. Motorola still owns about 9 percent of the voting common stock of ON Semiconductor, which prior to an August 4 recapitalization was a wholly owned subsidiary of the telecommunications giant. |
