Government supports deal
300 jobs saved as Diodes acquires TI plant in Greenock
It ensured production and employment continued in Greenock after TI announced plans in 2016 to move production overseas.
The buyout has been supported by a Scottish Government funding package worth almost £15 million.
Jamie Hepburn, pictured, Scottish Government minister for business, fair work and skills, said: “I am pleased that Texas Instruments and Diodes have reached an agreement that will see continued production and employment in Greenock.”
Greenock and Inverclyde SNP MSP Stuart McMillan said: “I am absolutely delighted that we now have a solution that sees Inverclyde benefit from the continuation of high value manufacturing in the constituency.
“The Scottish Government has worked tirelessly to secure this outcome – the SNP will always stand up for jobs and manufacturing in Scotland.
“Despite the uncertainty that the workforce faced over the last few years, they have remained motivated, focussed and have consistently delivered. The new company will be getting a highly skilled workforce to be proud of.
“I am delighted with the efforts of everyone involved to help get this deal done and want to pay particular tribute to Scottish Enterprise and all public agencies involved for their sterling efforts.”
Employees at the site at Larkfield Industrial Estate will transfer to the new owner. As part of a multi-year supply agreement, Diodes will continue to manufacture Texas Instruments’ analogue products.
President and chief executive of Diodes, Dr Keh-Shew Lu said: “The proposed acquisition of GFAB [the Greenock factory] aligns well with our strategic plan for significant revenue and profit dollar growth over the next several years.
“GFAB offers Diodes additional wafer fab capacity to support our product growth, in particular our automotive expansion initiatives, as well as excellent engineering skills and wafer fab know-how to support our technical and operational performance expectations. This transaction meets our criteria for strategic acquisitions.”
He added: “We look forward to welcoming the GFAB team into the Diodes’ family. In addition, Diodes extends our appreciation to the Scottish Government, Scottish Development International and Inverclyde Council, who have worked to facilitate this transaction.”