Greensboro’s Qorvo buys silicon carbide semiconductor company, announces quarterly earnings

Greensboro’s Qorvo buys silicon carbide semiconductor company, announces quarterly earnings


GREENSBORO – Qorvo® (Nasdaq: QRVO) has acquired United Silicon Carbide, UnitedSiC, a manufacture of silicon carbide power semiconductors based in Princeton, New Jersey.

According to a statement issued by the publicly-traded, Greensboro-headquartered company, the acquisition will expand the company’s “reach into the fast-growing markets for electric vehicles (EVs), industrial power, circuit protection, renewables and data center power.”

United Silicon Carbide’s president and CEO, Dr. Chris Dries, will become the general manager of Qorvo’s power device solutions division, according to the company.

United Silicon Carbide will become part of Qorvo’s Infrastructure & Defense Products (IDP) business and will be led by Dr. Chris Dries, who was formerly United Silicon Carbide’s president and CEO and is now general manager of Qorvo’s Power Device Solutions.

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“This acquisition enables Qorvo to deliver high-value, best-in-class intelligent power solutions covering power conversion, motion control and circuit protection applications,” said Philip Chesley, president of Qorvo’s Infrastructure & Defense Products business.  “The addition of United Silicon Carbide to our IDP business significantly expands our market opportunities in high-power applications.”

According to the company’s statement, the product portfolio of United Silicon Carbide spans more than 80 SiC FETs, JFETs and Schottky diode devices.

The company also announced its quarterly earnings and results this week, noting in a statement that quarterly revenue was $1.255 billion, gross margin was 49.5%, operating income was $362 million, and diluted earnings per share was $2.84.

“On a non-GAAP basis, gross margin was 52.4%, operating income was $435 million and diluted earnings per share was $3.42,” the statement notes.

Bob Bruggeworth, president and CEO of Qorvo, noted in a statement that the company is executing well, adding that the acquisition of United Silicon Carbide, which occurred after the quarter was completed, ” leverages Qorvo’s wide bandgap competencies and expands our power franchise.”

Financial terms of the deal were not disclosed.

The company also announced an acquisition following announcing quarterly earnings in May 2021.

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Kassie Hoffman
Kassie pens down all the news from the world of politics on ANH.