U.S. chipmaker ON Semiconductor announced Tuesday that it will sell two manufacturing plants as part of a broader effort to cut costs and improve profit margins. Shares of the company fell more than 3% in pre-market trading. Year-to-date, the stock has risen nearly 75%. ON Semiconductor's Tarlac, Philippines plant will be sold to Greatek Electronics, with the transaction expected to close within the next three to six months. The Mountaintop, Pennsylvania plant will be sold to Swedish semiconductor company Silex Microsystems; this transaction is expected to close in January 2028.
