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InfineonbuysWolfspeedistheUSDoDlosingastrategicsupplierofGaNRFtechnology?|20160720|MicrowaveJournal

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HomeInfineonbuysWolfspeedistheUSDoDlosingastrategicsupplierofGaNRFtechnology?
AerospaceandDefenseChannel

InfineonbuysWolfspeedistheUSDoDlosinga
strategicsupplierofGaNRFtechnology?
AsifAnwar,ProgramDirector,StrategyAnalytics
July20,2016
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NXPAssimilatesFreescalesHighPowerRFCapabilitiestoRetain
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DefenseistheBestFormofAttackforGaN
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InfineonbuysWolfspeedistheUSDoDlosingastrategicsupplierofGaNRFtechnology?|20160720|MicrowaveJournal

EuropeanMicrowaveWeek
IBC
InfineonwillbuyWolfspeedfor$850million.TheacquisitionprovidesalucrativeexitforWolfspeedsparent
companyCreeandallowsInfineontoaddGaNcapabilitytoitscommercialRFpowerportfolio.Butwhatdoes
thismeanfortheUSDoDwhenaforeigncompanybuysaCategory1ATrustedFoundryfacilitywithDoD
manufacturingreadinessleveleight(MRL8)designation?
OnJuly14,2016,InfineonTechnologiesAGandCree,Inc.thatthetwocompanieshadenteredintoadefinitive
agreementtoacquiretheWolfspeedPowerandRFdivision(Wolfspeed)ofCree.Thedealalsoincludesthe
relatedSiCwafersubstratebusinessforpowerandRFpower.Thepurchasepriceforthisplannedallcash
transactionis$850million.
Thedealwillbefinancedthrough$720millioninbankloansand$130millioncashonhandandis
expectedtoclosebytheendofcalendar2016.
Creereportedthirdquarterfiscalrevenues(endedMarch2016)fortheWolfspeedPowerandRFProducts
businessof$29million,up6%sequentially.Grossprofit/marginforthebusinesswasdown6%at$13
millionor46.4%withthecompanyearningscalltranscriptcitinganunfavourableproductmix.
Totalrevenuesforthe12monthperiodendingMarch2016were$117millionforthePowerandRF
Productsbusiness.Infineoncitesrevenuesof$173millionweassumethedeltainrevenueisassociated
withtheperceivedvalueoftheSiCwafersubstratebusinessthisactivityisnotdisclosedinCrees
quarterlytranscripts.
Infineoncitesanexpectedgrossmarginof55%althoughtrendsbasedonthereportedPowerandRF
Productsbusinessgrossmarginspointtowardslowerprofitability.Asnotedabove,thequarterlyearnings
donotdiscloseinformationrelatedtotheSiCwafersubstratebusiness.
TheacquisitionprovidesalucrativeexitforWolfspeedsparentcompanyCree,followingasomewhattepid
marketreceptionforaplannedIPOofthespinout,andallowsthecompanytocontinuebuildingmomentum
behindatransitiontobecomingamorefocusedLEDlightingcompany.TheacquisitionallowsInfineontobuild
onitspowerelectronicstechnologyportfoliothroughWolfspeedsSiCbasedproductsandcomplementsthe
InternationalRectifieracquisitionin2015.
OntheRFfront,Infineonhasbeenslowinacknowledgingtheswingtowardscompoundsemiconductor
technologiesforcommercialwirelessinfrastructureapplicationssothisbringsInfineoninlinewithofferings
fromcompetitorssuchasNXPandAmpleonbyaddingGaNcapabilitytoitscommercialRFpowerportfolio.
Infineonistargetingwirelessinfrastructurefornextgeneration5GandIoTnetworkscitingthecriticalrolethat
compoundsemiconductorswillplayindeliveringthenecessaryperformanceespeciallyatmillimetrewave
frequencies.
ThedefenseindustrywastheoriginaldrivingforcebehindthedevelopmentandmaturationoftheRFGaN
supplychain.GaNhasbecomethepowertechnologyofchoiceasnewplatformsenterdevelopmentandsome
existingplatformsundergomajorcapabilityupgrades.Thereisalsodevelopmentactivityaimedatlowpower
functionsusingGaNbecauseofthesystemandcostadvantagesthataGaNsolutionoffers.Theneedforwider
bandwidth,higherfrequencyandhigherperformancecharacteristicswilldrivegrowthacrossdefense
applicationsincludingradar,EWandcommunications,withtheradarsegmentaccountingforthelargestend
useofGaNdevicesindefenseapplications.
WolfspeedsGaNRFtechnologycapabilitieshavebeenhonedtosomedegreebyCreesinvolvementinUS
DoDresearch.Onthedefensefront,Wolfspeedhasbeentargetingopportunitiesintheradarsectorandis
engagedwithdefenseprogramssuchasLockheedMartinsSpaceFence.Thisinvolvementhasallowedthe
companytoachieveDoDmanufacturingreadinessleveleight(MRL8)designationaswellasCategory1A
TrustedFoundrystatussotheimplicationsofaforeigncompanybuyingWolfspeedwillnodoubtraiseconcerns
andInfineonmayneedtoconsiderstrategicoptionsforthissideofthebusinessifthedealistocloseasplanned
bytheendof2016.

RecentArticlesbyAsifAnwar,ProgramDirector,StrategyAnalytics
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ElectronicWarfareandMilitaryCommunicationsRidingthe
Millimeterwave
MACOMBuildsMomentumbehindCommercialScaleAESA
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