On July 7, ON Semiconductor fell 5.14% in regular trading, trading at $89.435/share, with turnover of $217 million. The decline was driven by the company's announcement of two manufacturing facility divestitures combined with a sharp sector-wide pullback in semiconductor stocks.

ON Semiconductor entered into definitive agreements to divest its facility in Tarlac, Philippines, to Taiwan-based Greatek Electronics, expected to close within three to six months, and its facility in Mountain Top, Pennsylvania, to Swedish firm Silex Microsystems, expected to close in January 2028. The company has signed long-term supply agreements to ensure continued production and customer commitments. Management expects the transactions to deliver approximately $35 million in annualized cost savings beginning in 2028, with initial savings starting in 2027.

The broader semiconductor sector experienced significant selling pressure on the same day, with Intel down 9.8%, Marvell Technology down 9.42%, Advanced Micro Devices down 8.08%, and Micron Technology down 7.19%, amplifying downward pressure on ON Semiconductor shares.

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