On July 7, Onsemi, a globally renowned company specializing in power semiconductors and image sensors, made an announcement. It stated that in a bid to curtail operating costs and enhance profit margins, it planned to sell two of its manufacturing facilities situated in the United States and the Philippines. This decision aligns with its 'Fab Right' strategy, which aims to streamline its global capacity distribution. The manufacturing plant in Tarlac, Philippines, is set to be acquired by Chaofeng Electronics from Taiwan. The transaction is projected to reach completion within a timeframe of three to six months. Meanwhile, the factory located in Pennsylvania, USA, will be sold to Sweden's Silex Microsystems, with the expected completion date being January 2028. These two sales are anticipated to yield annual cost savings of approximately $35 million for Onsemi. The initial savings are slated to commence in 2027, and the full extent of the savings is expected to materialize in 2028.