Filtronic seeks pounds 20m aid
Tuesday 03 August 1999
The plant's current owner, the Japanese electronics group Fujitsu, posted a pounds 300m loss after closing it in March. However, Filtronic is expecting the purchase price and associated investment to be only pounds 35m.
Filtronic and Fujitsu have entered a preliminary agreement over the sale of the plant, in Newton Aycliffe, County Durham. Fujitsu is understood to want to recoup as much of its loss as possible. The consideration is thought to be pounds 20m.
Filtronic wants the Government to provide funds to convert the plant to make it compatible with its own technology. It expects to create 500 jobs and have the plant in operation by May. The plant can make 350 million microchips -annually, selling at pounds 4 a piece.
Investment, page 15
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