VIENNA: Austrian chipmaker AMS AG has agreed a joint venture for its environmental sensor business with private equity fund Wise Road Capital, effectively offloading the unit as part of its plan to focus on other business segments.
The private equity fund buys into European and North American high-tech companies and helps them grow in China, according to its website. "Wise Road Capital sees immense potential in marketing the excellent technology and products developed by AMS," said Michael Zhang, Managing Partner at Wise Road Capital.Environmental sensors detect temperature or moisture and can be used in autos, buildings and air quality monitoring applications.
Investments in the new entity, which is valued at approximately US$120 million, will be made according to the shareholding, the AMS spokesman said.