Posted on 07/07/2021 12:12:46 PM PDT by gattaca
A state-backed Communist Chinese firm has conducted a hostile takeover of the UK’s largest microchip factory, raising concerns about Beijing’s growing control of the market during a global chip shortage.
On Monday, Dutch semiconductor manufacturer Nexperia, which is controlled by the China-owned electronics firm Wingtech, took 100 per cent control of the Newport Wafer Fab’s factory in South Wales after using a contractural clause to seize the company.
In 2019, Nexperia signed a contract to support the factory in exchange for Newport Wafer Fab putting up its factory as collateral. After the British company was unable to fulfil the manufacturing quota obligations in the deal, the Chinese owned enterprise was able to take full control of the factory, The Telegraph reported.
The Welsh firm, which produces silicon chips for the automotive industry and has been developing next-generation “compound semiconductors”, has been hard hit over the past year as the Chinese coronavirus crisis resulted in a global chip shortage. Nexperia has agreed to pay out £65 million to pay off Newport Wafer Fab’s debts in exchange for taking ownership.
Prior to the Chinese takeover, Newport Wafer Fab had called on the British government to step in and prevent the sale and to help find alternative funding sources. Yet, despite the concerns over national security, the Tory government did not intervene.
The move is reminiscent of China’s Belt and Road ‘debt-trap diplomacy’, in which the Communist nation offers predatory loans to developing nations throughout Asia, Africa, South America, and Eastern Europe for infrastructure projects — often built with Chinese labour and materials — and when the countries fail to repay the loans, the CCP seizes the assets.
(Excerpt) Read more at breitbart.com ...
To continue with the metaphor, we are certainly a touchy feeling butterfly being eaten by a lizard.
What a surprise! /s
ChiCom bump for later....
Fixed it for ya.
Tariffs are globalist Kryptonite.
Between the Muslims & the Chinese, Britain is committing suicide.
> Dang. My old tired eyes read that as Suxess. <
Ha! And then you wonder why Harry and Meghan never invite you over for tea.
Un da!
“Wingtech, took 100 per cent control of the Newport Wafer Fab’s factory in South Wales after using a contractural clause to seize the company.”
It’s China. Seize control back. If the Chicomms object, hire a dozen Indian Gurkhas to kick China’s Mickey Mouse ass.
Taiwan has one of if not the largest large semiconductor factories. This is the biggest reason the Chicoms want to invade Taiwan.
Chi coma are trying to lock up all critical resources, manufacturing chokepoints.
Closed until a new environmental impact study is complete. Nobody able to work there due to OSHA concerns. Let it rot.
Yes, Red China does that sometimes. You can’t trust Red China. Companies who don’t know that have really stupid leaders.
Tariffs don’t go to the American workers at the manufacturers, buy American solves the problem.
Tariffs protect workers and promote domestic industry. Learn something....
That’s Gov-speak, and Tariff money is directed by the Gov -buy American gets it right to the source
Tariffs FORCE “buy American”. Get serious. How can someone be pro “buy American” and against tariffs? You are schizophrenic
1924 GOP Platform ( excerpt )
We reaffirm our belief in the protective tariff to extend needed protection to our productive industries. We believe in protection as a national policy, with due and equal regard to all sections and to all classes. It is only by adherence to such a policy that the well being of the consumers can be safeguarded that there can be assured to American agriculture, to American labor and to American manufacturers a return to perpetrate American standards of life. A protective tariff is designed to support the high American economic level of life for the average family and to prevent a lowering to the levels of economic life prevailing in other lands.
In the history of the nation the protective tariff system has ever justified itself by restoring confidence, promoting industrial activity and employment, enormously increasing our purchasing power and bringing increased prosperity to all our people.
The tariff protection to our industry works for increased consumption of domestic agricultural products by an employed population instead of one unable to purchase the necessities of life. Without the strict maintenance of the tariff principle our farmers will need always to compete with cheap lands and cheap labor abroad and with lower standards of living.
The enormous value of the protective principle has once more been demonstrated by the emergency tariff act of 1921 and the tariff act of 1922.
Not against tariffs, but buying American is better and that’s what I do.
Do both.
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