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New Mexico to Invest In Management Buyout of Philips Semiconductor Plant.
Knight Ridder/Tribune Business News, September, 2003
By Diane Velasco, Albuquerque Journal, N.M. Knight Ridder/Tribune Business News
Sep. 24--ALBUQUERQUE, N.M.--The Philips Semiconductor plant scheduled to close Oct. 11 is a step closer to staying open, potentially saving 400 jobs.
On Tuesday, the State Investment Council decided to go forward with a $15 million investment in Mesa Semiconductor Inc., a group of former Philips managers that wants to buy the plant.
Tuesday's decision was based on a verbal assurance from Mesa that the group had succeeded in getting a private investor -- a requirement before the state could make its own investment.
State Investment Officer Gary Bland identified the investor as Hong Kong company ITT Ltd., but that could not be confirmed by the...
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