ON SEMICONDUCTOR CORP false 0001097864 0001097864 2024-06-13 2024-06-13












Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

June 13, 2024

Date of Report (Date of earliest event reported)



ON Semiconductor Corporation

(Exact name of registrant as specified in its charter)




Delaware   001-39317   36-3840979
(State or other jurisdiction
of incorporation)
File Number)
  (IRS Employer
Identification No.)


ON Semiconductor Corporation

5701 N. Pima Road

Scottsdale, Arizona

(Address of principal executive offices)   (Zip Code)

(602) 244-6600

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report.)



Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class




Name of each exchange
on which registered

Common Stock, par value $0.01 per share   ON   The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




Item 8.01.

Other Events.

On June 13, 2024, ON Semiconductor Corporation (the “Company” and, together with its subsidiaries, “onsemi”) initiated several actions in furtherance of (1) its previously-announced “Fab Right” strategy, intended to optimize its manufacturing network, and (2) its overall efforts to consolidate its global corporate footprint.

onsemi intends to consolidate nine sites and reduce its current global workforce by approximately 1,000 employees. Around 300 additional employees will be reassigned or asked to relocate to another onsemi site. onsemi expects to complete this process during 2025, subject to applicable local law and regulations.

As a result, the Company estimates that it will incur between $65 million and $80 million in employment-related charges in 2024 and 2025 for, among other things, one-time cash payments for severance, benefits expenses, payroll taxes and other ancillary charges. onsemi expects that the majority of these charges will be recorded during calendar year 2024. The Company plans to reinvest a substantial portion of the savings generated from these actions into its continuing workforce and certain business initiatives and opportunities. Consequently, these actions may not result in a material reduction in the Company’s future operating expenses.

This Current Report on Form 8-K includes “forward-looking statements,” as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Certain statements, other than statements of historical facts, included in this document could be deemed forward-looking statements. Forward-looking statements are often characterized by the use of words such as “believes,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “anticipates,” “should” or similar expressions or by discussions of strategy, plans or intentions. All forward-looking statements in this document are made based on our current expectations, forecasts, estimates and assumptions and involve risks, uncertainties and other factors that could cause results or events to differ materially from those expressed in the forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. We assume no obligation to update such information, which speaks only as of the date made, except as may be required by law. Investing in our securities involves a high degree of risk and uncertainty, and you should carefully consider the trends, risks and uncertainties described in this document, our 2023 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 5, 2024 and other reports filed with or furnished to the SEC before making any investment decision with respect to our securities. If any of these trends, risks or uncertainties actually occurs or continues, our business, financial condition or operating results could be materially adversely affected, the trading prices of our securities could decline, and you could lose all or part of your investment. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement.


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.





Date: June 13, 2024


/s/ Thad Trent

      Thad Trent
      Executive Vice President, Chief Financial Officer and Treasurer
Document and Entity Information
Jun. 13, 2024
Cover [Abstract]  
Entity Registrant Name ON SEMICONDUCTOR CORP
Amendment Flag false
Entity Central Index Key 0001097864
Document Type 8-K
Document Period End Date Jun. 13, 2024
Entity Incorporation State Country Code DE
Entity File Number 001-39317
Entity Tax Identification Number 36-3840979
Entity Address, Address Line One ON Semiconductor Corporation
Entity Address, Address Line Two 5701 N. Pima Road
Entity Address, City or Town Scottsdale
Entity Address, State or Province AZ
Entity Address, Postal Zip Code 85250
City Area Code (602)
Local Phone Number 244-6600
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock, par value $0.01 per share
Trading Symbol ON
Security Exchange Name NASDAQ
Entity Emerging Growth Company false

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