News Article
Umicore deal to buy Sterling is off
Uniroyal's deal to sell its Sterling Semiconductor unit to Umicore has been terminated.
Uniroyal Technology Corporation has announced that its agreement to sell Sterling Semiconductor, Inc. to Umicore USA, Inc. has been terminated.
Umicore USA, a subsidiary of the Belgian materials company Umicore (formerly Union Miniere), announced on April 18 that it had entered into an agreement to buy the outstanding shares of Sterling for approximately $13 million in cash (see Umicore agrees to buy Sterling Semiconductor from Uniroyal).
Uniroyal did not provide further information in its press release, but stated that the company "continues to explore all options to secure necessary financing for its businesses."
