Summary
The Dutch government has taken control of the semiconductor company Nexperia, owned by Chinese company Wingtech Technology. This action is due to concerns about management issues and the importance of maintaining access to semiconductor technology in Europe. Nexperia's operations will continue, but the government can stop or change business decisions if needed.
Key Facts
- The Netherlands used the Goods Availability Act to take control of Nexperia, a semiconductor manufacturer.
- The act allows intervention in private companies if there's a threat to economic security or if it's necessary to keep critical goods available.
- The Dutch Enterprise Chamber found issues with Nexperia's management under former CEO Zhang Xuezheng.
- The government wants to ensure that Nexperia’s products continue to be available during emergencies.
- Nexperia has offices and factories in Europe, Asia, and the U.S., and it employs approximately 12,500 people.
- The company can make over 50 billion components annually.
- Zhang Xuezheng has been removed as CEO, and Stegan Tilger is now interim CEO.
- Nexperia was bought by Wingtech Technology in 2018 for $3.63 billion.
