UL spin-out snapped up for €64m in buyout

Cork could become a global micro-chip design centre in the coming years following ROHM’s €63.8m buyout of Powervation.

The Japanese electronics powerhouse has parted with a large chunk of cash to snap up the former University of Limerick (UL) based chip manufacturer in what is the first ever major acquisition by a Japanese company of an Irish tech firm.

Powervation chief executive, Mike McAuliffe said yesterday’s announcement has been a long time coming but positions the company to scale up operations both in Cork and at its other base in San Jose.