The transaction comes more than seven months after the Pointe-Claire-based firm was rocked by allegations that company founder Robert Miller had paid to have sex with minors.
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Montreal Gazette
Published Sep 14, 2023 • Last updated Sep 14, 2023 • 1 minute read
Future Electronics, based in Pointe-Claire and employing 5,200 people in 47 countries, has been purchased by WT Microelectronics, a Taiwan-based distributor of semiconductor components, for US$3.8 billion.
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The announcement of the sale was made Thursday by WT Microelectronics and comes more than seven months after Future Electronics founder Robert Miller was the subject of a report aired on Feb. 2 by the Radio-Canada investigative program Enquête that alleged he paid to have sex with minors.
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A company statement issued in the wake of the broadcast stated that Miller “adamantly and vehemently” denied “the malicious allegations made against him” and that he would be stepping down as CEO to concentrate on “serious health issues” and take legal action against his accusers. Miller’s corporate responsibilities were assumed by Future Electronics chief operating officer Omar Baig.
In the weeks that followed the broadcast, an application for a class action suit was launched against Miller and Future Electronics by alleged victims. In May, a woman who claimed Miller had sex with her when she was a minor filed an $8-million lawsuit against Miller, his company, two Future Electronics executives and the Queen Elizabeth Hotel.
In Thursday’s announcement, WT Microelectronics noted that during the first six months of 2023, Future Electronics had “generated revenues of US$2.9 billion, operating income of $228 million and net income of $184 million.”
The company said it expected the transaction would “deliver long-term, sustainable value to all relevant stakeholders including customers, suppliers, employees and shareholders through the combination of two highly complementary organizations.”
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