X-FAB Semiconductor Foundries AG Partners with GE Commercial Finance, Global Electronic Solutions to Fund Financial TransactionsTexas, USA, August 4, 2005.
GE Commercial Finance, Global Electronics Solutions, a global leader in equipment life cycle solutions, has provided $21 million (approximately EUR 17 million) worth of project financing to X-FAB Semiconductor Foundries AG, a leading manufacturer of silicon wafers for analog and mixed-signal integrated circuits.
The financing provided by GE's Global Electronics Solutions unit will support capacity expansions at the X-FAB sites in Plymouth, Great Britain and Erfurt, Germany. Specifically, X-FAB will expand its manufacturing capacities for 0.35 and 0.6 micrometer technologies to meet growing customer demand and ensure sustainable growth in these technologies.
"We used the favorable market environment to optimize our financing structure and to further improve our return on equity. GE Commercial Finance, Global Electronics Solutions is a global enterprise with proven industry expertise that is able to support our international activities," said Chris Foerster, Chief Financial Officer, X-FAB. "The financing we received from GE will enable us to further pursue our growth strategy. We view this as the beginning of a long-term partnership."
"We are pleased that X-FAB chose us as a strategic partner," said Roger Innes, President and CEO, GE Commercial Finance, Global Electronics Solutions. "Our deep understanding of the semiconductor market and in-country financing capability enable our customers, like X-FAB, to react quickly to technology and market changes."
About GE Commercial Finance, Global Electronic Solutions
GE Commercial Finance, Global Electronics Solutions is a leading global expert in delivering customized asset management services to electronics manufacturers. Through its worldwide network, GE's Global Electronics Solutions unit provides a host of flexible financing solutions, product insights and market intelligence, as well as efficient remarketing services. GE's Global Electronics Solutions unit helps customers develop a customized asset management strategy to meet their needs, enabling them to maximize their flexibility, reduce risk and increase their return on investment. www.GEelectronicsweb.com.
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over US$230 billion and is headquartered in Stamford, Conn., USA.
GE (NYSE:GE) is Imagination at Work- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit www.ge.com.