"We are pleased to expand our partnership with Monolith's experienced team of silicon carbide and power semiconductor experts," said Ian Highley, senior vice president and general manager, semiconductor products and chief technology officer for Littelfuse. "With the increasing needs to make power electronic devices that will be stronger and more efficient, we are excited about the opportunities this game-changing technology provides. Investing in and partnering with Monolith's experienced team of silicon carbide and power semiconductor experts allows us to quickly evolve our portfolio with strategically relevant and innovative technology. Silicon carbide power technology is among the most promising advancements in the semiconductor market today. It will be an important tool in helping us solve complex problems for our customers.""
"Littelfuse has been a great partner with us as we move closer to the commercialization of our technology," said Dr Sujit Banerjee, CEO of Texas-based Monolith Semiconductor. "We are working closely with Littelfuse to position our combined portfolios to develop innovative solutions for our customers."
The initial investment in December 2015 was not significant for Littelfuse' accounts, but this deal makes Littelfuse the majority shareholder in Monolith and so will include it in its operating financial results. Littelfuse previously announced that its first quarter 2017 earnings per share guidance included $0.03 of expense to fund development activities with Monolith Semiconductor. This additional investment is expected to reduce earnings per share by $0.09 across the second through fourth quarters of 2017.
Under the terms of its agreement with Monolith Semiconductor, Littelfuse has committed to add to its investment once Monolith has achieved certain milestones, which will see Monolith increasingly become part of the company.