Egide raises €2.6m, pulls sale of US business

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Struggling French chip packaging firm Egide has raised €2.6m through a preemptive share offering and a bond issue so that it doesn't have to sell its US operations.

www.eenewseurope.com/, Aug. 15, 2023 – 

Egide focusses on semiconductor packaging for telecoms chips in space systems, with High Temp Cofired Ceramic, thermal management materials, plating services, precision machining, package assembly, specialized sealing/brazing/soldering processes supporting Glass-To-Metal-Seal and Ceramic-to-Metal-Seal, and testing and inspection.

The funding comes from €1.9m from Compagnie Nationale de Navigation, an entity affiliated with Patrick Molis, described as an entrepreneur in the maritime transport, logistics, energy, aeronautics and defence industries, as well as bonds of €750,000 that mature in December 2023.

The funding will be used to begin work on turning around its US subsidiaries, Egide US and Santier, with a new management team, recruit a sales team to boost sales and to finance the increase in its working capital requirement due to higher revenue. The relationship with Compagnie Nationale de Navigation and Molis will also give more access to the defence industry.

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