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VIENNA (Reuters) – AMS AG, which is supplying Apple with sensors for its Face ID technology, has announced the creation of a joint venture with private equity firm Wise Road Capital to develop its environmental pressure sensors. and debit destined for the Chinese market.
The Austrian company has suffered from weak demand for the latest iPhones in recent months. After a strategic review, she decided to focus less on environmental sensors, which detect temperature or humidity, and transferred her staff from this unit to other projects.
AMS will transfer employees and sensor products to the Dutch-based joint venture, while Wise Road Capital will provide market knowledge and customer relationships in China, AMS said.
The agreement valued the joint venture at approximately $ 120 million.
"This new joint venture will have a dedicated team that will focus on advancing and developing award-winning environmental, flow and pressure sensor solutions for which we see the greatest opportunity in China," said Chris Feige, vice Executive Chairman of AMS AG.
Stefan Raible, currently General Manager of AMS Environmental Sensors Division, will lead the joint venture.
Reporting by Kirsti Knolle, edited by Louise Heavens
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