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SOITEC REPORTS FULL YEAR RESULTS OF FISCAL YEAR 2020

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SOITEC REPORTS FULL YEAR RESULTS OF FISCAL YEAR 2020Sales of €597.5m, up 35% on a reported basis and up 28% at constant exchange rates and perimeter1 Electronics EBITDA2 margin3 at 31.0% of salesNet profit up 22% at €109.7mElectronics net operating cash flow up 70% at €100.7mElectronics investments of €108.8m, mainly allocated to ongoing capacity expansionFY’21 sales expected to be stable at constant exchange rates and perimeter1 and Electronics EBITDA2 margin3 expected around 30%FY’22 sales now expected around €800m4Bernin (Grenoble), France, June 10th, 2020 – Soitec (Euronext Paris), a world leader in designing and manufacturing innovative semiconductor materials, today announced its full-year results for the fiscal year 2020 (ended on March 31st, 2020). The financial statements5 were approved by the Board of Directors during its meeting today.Paul Boudre, Soitec’s CEO, commented: “It has been an amazing journey for Soitec as we delivered sustained growth year after year to reach in fiscal year 20 a record amount of close to 600 million euros in sales, 2.5 times higher than what it was just 3 years ago. This demonstrates the growing adoption of our engineered substrates that are designed to significantly improve the performance of electronic products. We also confirmed our ability to deliver strong operating performance, as reflected by our Ebitda margin which remains above 30%, and generate a very solid operating cash flow, further strengthening our financial position. I would like to specifically thank Soitec’s teams for their contribution to this remarkable achievement, as well as for their continuous dedication during the Covid-19 crisis.This exciting journey will continue as we are preparing ourselves for the next challenges that the semiconductor industry will have to overcome, bringing new solutions that fit the needs of an increasingly digital and connected world. Thanks to our current product portfolio, we already are well positioned to lead the opportunities created by the semiconductor megatrends: 5G, artificial intelligence and energy efficiency. Beyond our silicon-on-insulator (SOI) products, we are developing and commercializing new advanced materials, including piezo-on-insulator (POI), Gallium Nitride and Silicon Carbide to address our strategic end-markets – from smartphones to automotive and from IoT to cloud and infrastructure. Despite the short-term challenging environment created by the Covid-19 outbreak, we remain very confident in our growth prospects for the next couple of years and beyond,” added Paul Boudre.Strong increase in revenue and sustained level of EBITDA marginAs previously reported, Soitec’s refocus on Electronics operations decided in January 2015 was nearly completed on March 31st, 2016. Consequently, the FY’20 residual income and expenses relating to Solar and Other activities are reported under ‘Net result from discontinued operations’, below the ‘Operating income’ line, meaning that down to the line ‘Net result after tax from continuing operations’, the Company consolidated income statement fully and exclusively reflects the Electronics activity as well as the Company’s corporate functions expenses. This was already the case in FY’19 financial statements.Consolidated income statement (part 1)Consolidated sales for FY’20 reached the record level of 597.5 million Euros, up 34.6% compared with FY’19. This is the result of a 28.3% growth at constant exchange rates and perimeter1 that was supported by solid growth in radiofrequency applications, as well as positive currency impact of +4.6% and a scope effect of +1.7% which is related to the acquisitions of Dolphin Integration assets in August 2018 and EpiGaN in May 2019.150/200-mm wafer sales were up 24% (up 20% at constant exchange rates), reaching 274.9 million Euros. They represent 48% of total wafer sales. This further steady growth in sales came from higher volumes sold, that has been made possible thanks to higher production at Bernin I as well as to an increase in the production outsourced to Soitec’s Chinese partner Simgui. It also reflects a more favorable product mix as a result of the strong growth achieved in RF-SOI 200-mm wafer sales.300-mm wafer sales increased by 43% (up 38% at constant exchange rates), amounting to 294.4 million Euros, which represents 52% of total wafer sales. This strong growth essentially reflects higher volumes enabled by a higher utilization of Soitec 300-mm industrial capacity. It also reflects an improved mix effect. Both volume and mix effects were driven by the very sharp increase in RF-SOI 300-mm wafer sales.Total Royalties and other revenues increased from 17.3 million Euros in FY’19 to 28.3 million Euros in FY’20, including 22.9 million Euros in sales generated by Frec|n|sys, Dolphin Design and EpiGaN.Gross profit reached 195.4 million Euros in FY’20, up from 165.0 million Euros in FY’19. Despite the favorable forex impact and the positive operating leverage due to a higher utilization of the industrial capacity in Bernin, the Group recorded, as anticipated, a decrease in gross margin from 37.2% of sales to 32.7% of sales. Indeed, gross margin was impacted by higher bulk material prices, higher outsourced production, higher depreciation costs and the ramp-up of the Singapore facility.Current operating income increased by 9% to 117.7 million Euros in FY’20, i.e. 19.7% of sales compared to 24.4% of sales in FY’19.Net R&D costs increased from 20.0 million Euros in FY’19 to 32.5 million Euros in FY’20. This increase essentially reflects higher gross R&D Expenses which is partly due to the full-year impact of Dolphin Design and of the integration of EpiGaN, and also to higher resources, and new R&D projects, in particular Silicon Carbide.Selling, general and administrative (SG&A) expenses went up from 36.6 million Euros in FY’19 to 45.2 million Euros in FY’20, also reflecting the integration of Dolphin Design and EpiGaN as well as an increase in costs related to employee compensation schemes (higher number of staff and employee shareholding plan). As a percentage of sales, SG&A expenses went down from 8.2% in FY’19 to 7.6% in FY’20.The EBITDA2 from the continuing operations (Electronics) increased by 22% to 185.4 million Euros. The EBITDA2 margin reached 31.0% of sales in FY’20, compared with a margin of 34.3% of sales in FY’19.Depreciation and amortization expenses went up from 24.6 million Euros in FY’19 to 45.5
million in FY’20 essentially as a result of the high level of investments carried out by the Group in previous years, but also, to a smaller extent, to the full-year impact of Dolphin Design and the integration of EpiGaN.Significant increase in net profitConsolidated income statement (part 2)The Group recorded 1.8 million Euros in other operating income in FY’20 reflecting a gain on the disposal of an industrial site near Paris which was no longer in use. As a result, the operating income reached 119.5 million Euros in FY’20, up 10% compared to FY’19.The net financial result has improved to (4.1) million Euros in FY’20 from (8.1) million Euros in FY’19 essentially thanks to a foreign exchange gain of 0.6 million Euros recorded in FY’20 compared to a loss of 4.6 million Euros in FY’19. The financial expense incurred during FY’20 mostly includes the non-cash interests related to the convertible bond issued in June 2018.The net result from discontinued operations came at a loss of 0.9 million Euros in FY’20, including a 0.6 million Euros gain on the sale of Soitec’s 20% equity stake in CPV Power Plant n° 1 (project company for the Touwsrivier solar power plant in South Africa).The Group’s consolidated net profit amounted to 109.7 million Euros in FY’20, up 22% compared with a net profit of 90.2 million Euros recorded in FY’19.Higher EBITDA2 translates into a sharp increase in operating cash flowsConsolidated cash-flows(1) Adjusted net cash used by investing activities include 24.7 million Euros (25.4 million Euros in 2018-2019) of investments which have been financed through leasing (lease-back) and adjusted net cash generated by financing activities include the same 24.7 million Euros (25.4 million Euros in 2018-2019).The working capital requirements from continuing operations increased by 59.1 million Euros during FY’20. This is essentially a reflection of the higher level of activity as evidenced by the 33.8 million Euros increase in trade receivables and the 51.9 million Euros increase in the level of inventories, the later including a small impact related to the more difficult shipping conditions met in March 2020, in the context of the Covid-19 crisis. The change in working capital was however lower than in FY’19 (+78.7 million Euros). Tax paid amounted to 25.6 million Euros in FY’20 compared to 14.2 million Euros in FY’19.As a result, thanks to the higher EBITDA2 recorded and to the lower level of cash outflow related to the change in working capital, net operating cash generated by continuing operations increased substantially, reaching 100.7 million Euros in FY’20, up 70% compared with 59.3 million Euros generated in FY’19.In FY’20, an adjusted net amount of cash of 133.3 million Euros was used in investing activities related to continuing operations. This amount essentially reflects capital expenditure carried out in Bernin and Singapore for 108.8 million Euros and the 25.5 million Euros net cash spent on the acquisition of EpiGaN, a leading European supplier of GaN epitaxial wafer (epi-wafer) materials.Adjusted net cash generated by financing activities related to the continuing operations amounted to 36.8 million Euros. This includes 21.8 million Euros of capital increases related to the implementation of the Group’s employee shareholding plan, new finance leases for 24.7 million Euros and 22.3 million Euros in drawings on credit lines partially offset by the repayment of borrowings including finance leases for 31.3 million Euros. In total, including a 4.6 million Euros negative impact of exchange rate fluctuations net cash used by continuing operations amounted to 0.3 million Euros.Net cash generated by discontinued operations reached 16.0 million Euros. This is mainly due to the 17.1 million Euros proceeds generated by the sale of Soitec’s 20% equity stake in CPV Power Plant n° 1 (project company for the Touwsrivier solar power plant in South Africa) together with the settlement of the outstandings under the loan granted by Soitec to one of CPV Power Plant n° 1’s shareholders. This transaction marks the completion of Soitec’s withdrawal from solar businesses.Overall, despite the sustained level of investments carried out, Soitec’s cash position has increased by 15.7 million Euros during FY’20 to reach 191.0 million Euros on March 31st, 2020.Further strengthened financial positionThanks to the strong growth and the solid operating performance achieved during the year, Soitec has maintained a very healthy balance sheet, despite another year of sustained investments.Shareholders’ equity increased by 153.4 million Euros in FY’20 to 551.7 million Euros, mainly thanks to the net profit generated during the period.Financial debt slightly increased from 221.8 million Euros on March 31st, 2019 to 244,7 million Euros on March 31st, 2020. Long-term debt decreased by 6.7 million Euros to 192.5 million Euros following the reimbursement of 22.2 million Euros and despite the addition of new leasing contracts as well as the recording of a debt valued at 3.1 million Euros related to a put option granted to EpiGaN minority shareholders. Short-term debt went up by 29.6 million Euros to 52.2 million Euros mainly as a result of a 23.9 million Euros increase of the amount drawn on a credit facility.
Consequently, the net debt position6 ended at 53.7 million Euros compared to 46.5 million Euros on March 31st, 2019. Net debt to equity ratio has further improved, standing at 0.10 on March 31st, 2020.At the end of March 2020, Soitec liquidity position was very strong. In addition to 191,0 million Euros available in cash and cash equivalents, the Group was benefitting from 45 million Euros of undrawn credit lines as well as from an undrawn 12-year maturity 200 million Euros loan which was granted to Soitec by Banque des Territoires (Caisse des Dépôts Group) on March 27th, 2020, as part of Nano 2022 plan and program Investing for the Future (“PIA, Programme d’investissements d’avenir”): the drawings on this facility will be phased within the next few years to support the financing of both R&D programs and investments in first industrial deployment infrastructures in France.Key events of FY’20Acquisition of EpiGaNOn May 13th, 2019, Soitec announced the acquisition of 100% of the share capital of EpiGaN, a leading European supplier of GaN epitaxial wafer (epiwafer) materials, to expand its engineered substrate portfolio into GaN (Gallium Nitride) and therefore accelerate its penetration across high-growth 5G, power and sensor market segments. EpiGaN’s products are used primarily within RF 5G, power electronics, and sensor applications. The amount for this acquisition is 30 million Euros in cash, plus an additional earn-out payment based on completion of certain milestones.POI production capacity increase at Bernin IIIOn September 13th, 2019, Soitec announced an increase in its production capacity of innovative piezoelectric-on-insulator (POI) substrates at Bernin III to meet growing customer demand for smartphones’ 4G/5G RF filters. 4G and 5G networks are using an increasing number of frequency bands to enable high speed data transmission. As a result, smartphones must integrate a higher number of filters with enhanced performance to ensure signal integrity and reliable communication. POI brings combined performance and integration to smartphones’ 4G and 5G filters for mass markets, offering built-in temperature compensation and allowing the integration of multiple filters on a single die.Joint development program with Applied Materials on next-generation Silicon Carbide substratesOn November 18th, 2019, Soitec announced of a joint development program with Applied Materials on next-generation Silicon Carbide substrates, involving the installation of a silicon carbide engineered substrate pilot line at the Substrate Innovation Center located at CEA-Leti. The objective of this unique strategic program is to develop a robust technology that can overcome the challenges related to supply, yield and cost of silicon carbide substrates in order to efficiently address surging demand from electric vehicles, telecommunication and industrial applications.Whereas Soitec was initially expecting to deliver silicon carbide wafer samples in the second half of 2020, R&D samples have already been built and are ready to be shipped to key customers prospects. The pilot line is expected to be fully operational in the fourth quarter of 2020 and qualification products are expected to be ready in the first quarter of 2021.OutlookIn the context of the Covid-19 situation, Soitec is expecting FY’21 sales to remain stable at constant exchange rates and perimeter1 and Electronics EBITDA2 margin3 to reach around 30%.Consequently, Soitec is updating its FY’22 sales outlook to around 800 million Euros instead of the indication of around 900 million Euros previously stated (both figures being based on a $/€ rate of 1.13).Annual General MeetingSoitec’s Annual General Meeting will be held in September 2020. The actual date of the Meeting will be announced at a later stage.#  #  #FY’20 results analyst and investor conference call to be held in English on the 11th of June at 8:00am CETA live webcast of the conference call will be accessible at the following address: https://channel.royalcast.com/webcast/soitec/20200611_1/The slide presentation will be available on Soitec’s website at 8:00am CET.The replay of the event will be available at the same address: https://channel.royalcast.com/webcast/soitec/20200611_1/ or directly from Soitec’s website.AgendaQ1’21 sales are due to be published on July 22nd, 2020 after market close.DisclaimerThis document is provided by Soitec (the “Company”) for information purposes only.The Company’s business operations and financial position is described in the Company’s registration document 2018-2019 registered by the Autorité des marchés financiers (the “AMF”) on July 4th, 2019 under visa D.19-0649 (the “Document de Référence”) and in the Company’s FY’20 half year report released on December 2nd, 2019. Copies of the Document de Référence and of the FY’20 half-year report are available in French and English language through the Company and may also be consulted and downloaded on the Company’s website (www.soitec.com).The Document de Référence is also available on the AMF’s website (www.amf-france.org).Your attention is drawn to the risk factors described in Chapter 2 of the Document de Référence.This document contains summary information and should be read in conjunction with the Document de Référence and the FY’20 half-year report.This document contains certain forward-looking statements. These forward-looking statements relate to the Company’s future prospects, developments and strategy and are based on analyses of earnings forecasts and estimates of amounts not yet determinable. By their nature, forward-looking statements are subject to a variety of risks and uncertainties as they relate to future events and are dependent on circumstances that may or may not materialize in the future. Forward-looking statements are not a guarantee of the Company’s future performance.The Company’s actual financial position, results and cash flows, as well as the trends in the sector in which the Company operates may differ materially from those contained in this document. Furthermore, even if the Company’s financial position, results, cash-flows and the developments in the sector in which the Company operates were to conform to the forward-looking statements contained in this document, such elements cannot be construed as a reliable indication of the Company’s future results or developments.The Company does not undertake any obligation to update or make any correction to any forward-looking statement in order to reflect an event or circumstance that may occur after the date of this document. In addition, the occurrence of any of the risks described in Chapter 2 of the Document de Référence may have an impact on these forward-looking statements.This document does not constitute or form part of an offer or a solicitation to purchase, subscribe for, or sell the Company’s securities in any country whatsoever. This document, or any part thereof, shall not form the basis of, or be relied upon in connection with, any contract, commitment or investment decision.Notably, this document does not constitute an offer or solicitation to purchase, subscribe for or to sell securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from the registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The Company’s shares have not been and will not be registered under the Securities Act. Neither the Company nor any other person intends to conduct a public offering of the Company’s securities in the United States.About SoitecSoitec (Euronext, Tech 40 Paris) is a world leader in designing and manufacturing innovative semiconductor materials. The company uses its unique technologies and semiconductor expertise to serve the electronics markets. With more than 3,500 patents worldwide, Soitec’s strategy is based on disruptive innovation to answer its customers’ needs for high performance, energy efficiency and cost competitiveness. Soitec has manufacturing facilities, R&D centers and offices in Europe, the U.S. and Asia.Soitec and Smart Cut are registered trademarks of Soitec.For more information, please visit www.soitec.com and follow us on Twitter: @Soitec_EN#  #  #Soitec is a French joint-stock corporation with a Board of Directors (Société Anonyme à Conseil d’administration) with a share capital of € 66,557,802.00, having its registered office located at Parc Technologique des Fontaines – Chemin des Franques – 38190 Bernin (France), and registered with the Grenoble Trade and Companies Register under number 384 711 909.#  #  # Consolidated financial statements for FY’20Consolidated income statementBalance sheet at March 31, 2020
 Consolidated cash-flows
(1) Adjusted net cash used by investing activities include 24.7 million Euros (25.4 million Euros in 2018-2019) of investments which have been financed through leasing (lease-back) and adjusted net cash generated by financing activities include the same 24.7 million Euros (25.4 million Euros in 2018-2019).1 At constant exchange rates and comparable scope of consolidation; scope effects relate to the acquisitions of Dolphin Integration assets in August 2018 and EpiGaN in May 2019, both included in the caption Royalties and other revenues.2 The EBITDA represents the current operating income (EBIT) before depreciation, amortization, non-monetary items related to share-based payments, and changes in provisions on current assets and provisions for risks and contingencies, excluding income on asset disposals. The impact in equity of the first-time application of IFRS 15 was included in EBITDA for the fiscal year ended 31 March 2019. This alternative indicator of performance is a non-IFRS quantitative measure used to measure the company’s ability to generate cash from its operating activities. EBITDA is not defined by an IFRS standard and must not be considered an alternative to any other financial indicator.3 Electronics EBITDA margin = EBITDA from continuing operations / Sales.4 Expectation based on $/€ exchange rate of 1.13.5 Audit procedures were completed and the audit report is in the process of being issued.
6 The net debt position represents financial debt less cash and cash equivalents.AttachmentSOITEC PR FY’20 results VA

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IBM, Government of Canada, Government of Quebec Sign Agreements to Strengthen Canada’s Semiconductor Industry

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11 hours ago

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April 26, 2024

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Up to $187M CAD to be invested to progress expansion of chip packaging capacity and capabilities and to strengthen R&D at IBM Canada’s Bromont plant
BROMONT, QC, April 26, 2024 /PRNewswire/ — IBM (NYSE: IBM), the Government of Canada, and the Government of Quebec today announced agreements that will strengthen Canada’s semiconductor industry, and further develop the assembly, testing and packaging (ATP) capabilities for semiconductor modules to be used across a wide range of applications including telecommunications, high performance computing, automotive, aerospace & defence, computer networks, and generative AI, at IBM Canada’s plant in Bromont, Quebec. The agreements reflect a combined investment valued at approximately $187M CAD.

“Today’s announcement is a massive win for Canada and our dynamic tech sector. It will create high-paying jobs, invest in innovation, strengthen supply chains, and help make sure the most advanced technologies are Canadian-made. Semiconductors power the world, and we’re putting Canada at the forefront of that opportunity,” said the Right Honourable Justin Trudeau, Prime Minister of Canada
In addition to the advancement of packaging capabilities, IBM will be conducting R&D to develop methods for scalable manufacturing and other advanced assembly processes to support the packaging of different chip technologies, to further Canada’s role in the North American semiconductor supply chain and expand and anchor Canada’s capabilities in advanced packaging.
The agreements also allow for collaborations with small and medium-sized Canadian-based enterprises with the intent of fostering the development of a semiconductor ecosystem, now and into the future.
“IBM has long been a leader in semiconductor research and development, pioneering breakthroughs to meet tomorrow’s challenges. With the demand for compute surging in the age of AI, advanced packaging and chiplet technology is becoming critical for the acceleration of AI workloads,” said Darío Gil, IBM Senior Vice President and Director of Research. “As one of the largest chip assembly and testing facilities in North America, IBM’s Bromont facility will play a central role in this future. We are proud to be working with the governments of Canada and Quebec toward those goals and to build a stronger and more balanced semiconductor ecosystem in North America and beyond.”
IBM Canada’s Bromont plant is one of North America’s largest chip assembly and testing facilities, having operated in the region for 52 years. Today, the facility transforms advanced semiconductor components into state-of-the-art microelectronic solutions, playing a key role in IBM’s semiconductor R&D leadership alongside IBM’s facilities at the Albany NanoTech Complex and throughout New York’s Hudson Valley. These agreements will help to further establish a corridor of semiconductor innovation from New York to Bromont. 
“Advanced packaging is a crucial component of the semiconductor industry, and IBM Canada’s Bromont plant has led the world in this process for decades,” said Deb Pimentel, president of IBM Canada. “Building upon IBM’s 107-year legacy of technology innovation and R&D in Canada, the Canadian semiconductor industry will now become even stronger, allowing for robust supply chains and giving Canadians steady access to even more innovative technologies and products. This announcement represents just one more example of IBM’s leadership and commitment to the country’s technology and business landscape.”
Chip packaging, the process of connecting integrated circuits on a chip or circuit board, has become more complex as electronic devices have shrunk and the components of chips themselves get smaller and smaller. IBM announced the world’s first 2 nanometer chip technology in 2021 and, as the semiconductor industry moves towards new methods of chip construction, advances in packaging will grow in importance. 
“Semiconductors are part of our everyday life. They are in our phones, our cars, and our appliances. Through this investment, we are supporting Canadian innovators, creating good jobs, and solidifying Canada’s semiconductor industry to build a stronger economy. Canada is set to play a larger role in the global semiconductor industry thanks to projects like the one we are announcing today. Because, when we invest in semiconductor and quantum technologies, we invest in economic security.”  — The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry
“This investment by IBM in Bromont will ensure that Quebec continues to stand out in the field of microelectronics. An increase in production capacity will solidify Quebec’s position in the strategic microelectronics sector in North America.” — The Honourable Pierre Fitzgibbon, Minister of Economy, Innovation and Energy, Minister responsible for Regional Economic Development and Minister responsible for the Metropolis and the Montreal region
About IBMIBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. More than 4,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in semiconductors, AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service. Visit www.ibm.com for more information. 
Media ContactLorraine BaldwinIBM [email protected] 
Willa HahnIBM [email protected]
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HITACHI ACQUIRES MA MICRO AUTOMATION OF GERMANY IN EFFORT TO ACCELERATE GLOBAL EXPANSION OF ROBOTIC SI BUSINESS IN THE MEDICAL AND OTHER FIELDS

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April 26, 2024

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HOLLAND, Mich., April 26, 2024 /PRNewswire/ — Hitachi Ltd. (TSE: 6501, “Hitachi”) has signed a stock purchase agreement on April 26 to acquire all shares of MA micro automation GmbH (“MA micro automation”, headquartered in St. Leon-Rot, Germany) from MAX Management GmbH (a subsidiary of MAX Automation SE). MA micro automation is a leading provider of robotic and automation technology (robotic SI) including high-speed linear handling systems, high-precision assembly lines, and high-speed vision inspection technology for Europe, North America, and Southeast Asia, for EUR 71.5M million. The transaction is expected to close in the second half of 2024, pending completion of the customary regulatory filings. After the acquisition is completed, MA micro automation will join JR Automation Technologies, LLC (“JR Automation”), a market leader in providing advanced automation solutions and digital technologies in the robotic system integration business for North America, Europe, and Southeast Asia as a continued effort to expand the company’s global presence.

MA micro automation is a technology leader for automation solutions within micro-assembly. Through its state-of-the-art proprietary high-speed and high-precision automation know-how, combined with unique optical image inspection capabilities, MA micro automation serves high-growth med-tech automation end-markets, covering the production, assembly, and testing medical and optical components including contact lenses, IVD and diabetes diagnostics consumables, and injection molding for medical use. The company was established in 2003 through a carve-out from Siemens*1 and since 2013 has been part of the MAX Automation group. 
JR Automation is a leading provider of intelligent automated manufacturing technology solutions, serving customers across the globe in a variety of industries including automotive, life sciences, e-mobility, consumer and industrial products. With over 20 locations between North America, Europe, and Southeast Asia, the leading integrator offers nearly 2 million square feet (185,806 sq. m) of available build and engineering floorspace. This acquisition allows JR Automation to further grow and strengthen both the company’s geographical footprint and their continued commitment on expanding support capabilities within the European region and medical market vertical.
“MA micro automation provides engineering, build and support expertise with established capabilities in complex vision applications, high-speed and high-precision automation technologies. When integrated with JR Automation’s uniform global process and digital technologies, this partnership will further enhance our ability to deliver added value and support to all of our customers worldwide and continue to grow our capabilities in the medical market,” says Dave DeGraaf, CEO of JR Automation. “As we integrate this new dimension, impressive talents and abilities of the MA micro automation team we further enhance our ability to serve our customers, creating a more robust and globally balanced offering.”
With this acquisition, Hitachi aims to further enhance its ability to provide a “Total Seamless Solution*2” to connect manufacturer’s factory floors seamlessly and digitally with their front office data, allowing them to achieve total optimization and bringing Industry 4.0 to life. This “Total Seamless Solution” strategy links organizations’ operational activities such as engineering, supply chain, and purchasing to the plant floor and allows for real time, data-driven decision-making that improves the overall business value for customers.
Kazunobu Morita, Vice President and Executive Officer, CEO of Industrial Digital Business Unit, Hitachi, Ltd. says, “We are very pleased to welcome MA micro automation to the Hitachi Group. The team is based in Europe, providing robotic SI to global medical device manufacturing customers with its high technological capabilities and will join forces with JR Automation and Hitachi Automation to strengthen our global competitiveness. Hitachi aims to enhance its ability to provide value to customers and grow alongside them by leveraging its strengths in both OT, IT, including robotic SI, and “Total Seamless Solution” through Lumada*3’s customer co-creation framework.”
Joachim Hardt, CEO MA micro automation GmbH says, “Following the successful establishment and growth of MA micro automation within the attractive automation market for medical technology products, we are now opening a new chapter. Our partnership with Hitachi will not only strengthen our global competitive position, but we will also benefit from joint technological synergies and a global market presence.  We look forward to a synergistic partnership with Hitachi and JR Automation.”
Outline of MA micro automation    
Name
MA micro automation GmbH
Head Office
St. Leon-Rot, Germany
Representative
Joachim Hardt (CEO)
Outline of Business
Automation solutions within micro-assembly
Total no. of Employees:
Approx. 200 (As of April 2024)
Founded
2003
Revenues (2023)
€ 46.5 million
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*1
“Siemens” is a registered trademark or trademark of Siemens Trademark GmbH & Co. KG in the U.S. and other countries.
*2
“Total Seamless Solution” is a registered trademark of Hitachi, Ltd. in the U.S. and Japan.
*3
Lumada: A collective term for solutions, services and technologies based on Hitachi’s advanced digital technologies for creating value from customers’ data accelerating digital innovation. https://www.hitachi.com/products/it/lumada/global/en/index.html
About JR AutomationEstablished in 1980, JR Automation is a leading provider of intelligent automated manufacturing technology solutions that solve customers’ key operational and productivity challenges. JR Automation serves customers across the globe in a variety of industries, including automotive, life sciences, aerospace, and more.  
In 2019, JR Automation was acquired by Hitachi, Ltd. In a strategic effort towards offering a seamless connection between the physical and cyber space for industrial manufacturers and distributers worldwide. With this partnership, JR Automation provides customers a unique, single-source solution for complete integration of their physical assets and data information, offering greater speed, flexibility, and efficiencies towards achieving their Industry 4.0 visions. JR Automation employs over 2,000 people at 21 manufacturing facilities in North America, Europe, and Asia.  For more information, please visit www.jrautomation.com.   
About Hitachi, Ltd.Hitachi drives Social Innovation Business, creating a sustainable society through the use of data and technology. We solve customers’ and society’s challenges with Lumada solutions leveraging IT, OT (Operational Technology) and products. Hitachi operates under the 3 business sectors of “Digital Systems & Services” – supporting our customers’ digital transformation; “Green Energy & Mobility” – contributing to a decarbonized society through energy and railway systems, and “Connective Industries” – connecting products through digital technology to provide solutions in various industries. Driven by Digital, Green, and Innovation, we aim for growth through co-creation with our customers. The company’s revenues as 3 sectors for fiscal year 2023 (ended March 31, 2024) totaled 8,564.3 billion yen, with 573 consolidated subsidiaries and approximately 270,000 employees worldwide. For more information on Hitachi, please visit the company’s website at https://www.hitachi.com.
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Artificial Intelligence

$10 million Artificial Intelligence Mathematical Olympiad Prize appoints further advisory committee members

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15 hours ago

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April 26, 2024

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$10-million-artificial-intelligence-mathematical-olympiad-prize-appoints-further-advisory-committee-members

D. Sculley, Kevin Buzzard, Leo de Moura, Lester Mackey and Peter J. Liu appointed to the advisory committee for the Artificial Intelligence Mathematical Olympiad Prize.
LONDON, April 26, 2024 /PRNewswire/ — XTX Markets’ newly created Artificial Intelligence Mathematical Olympiad Prize (‘AIMO Prize’) is a $10mn challenge fund designed to spur the creation of a publicly shared AI model capable of winning a gold medal in the International Mathematical Olympiad (IMO).

XTX Markets is delighted to announce the appointment of five further advisory committee members. This group brings great expertise in machine learning, including D. Sculley, the CEO of Kaggle; Lester Mackey, a Principal Researcher at Microsoft Research and a Macarthur Fellow; and Peter J. Liu, a research scientist at Google DeepMind.
Prolific mathematicians Kevin Buzzard, who achieved a perfect score in the International Mathematical Olympiad, and Leo De Moura who is the Chief Architect for Lean, the automated reasoning tool, also join the advisory group.
They join the existing advisory committee members Terence Tao and Timothy Gowers, both winners of the Fields Medal, as well as Dan Roberts, Geoff Smith and Po-Shen Loh.
The AIMO Advisory Committee will support the development of the AIMO Prize, including advising on appropriate protocols and technical aspects, and designing the various competitions and prizes.
Simon Coyle, Head of Philanthropy at XTX Markets, commented:
“We are thrilled to complete the AIMO Advisory Committee with the appointments of D., Kevin, Leo, Lester and Peter. Together, they have enormous experience in machine learning and automated reasoning and are already bringing expertise and wisdom to the AIMO Prize. We look forward to announcing the winners of the AIMO’s first Progress Prize soon, and then publicly sharing the AI models to support the open and collaborative development of AI.”
Further information on the AIMO Prize
There will be a grand prize of $5mn for the first publicly shared AI model to enter an AIMO approved competition and perform at a standard equivalent to a gold medal in the IMO. There will also be a series of progress prizes, totalling up to $5mn, for publicly shared AI models that achieve key milestones towards the grand prize.
The first AIMO approved competition opened to participants in April 2024 on the Kaggle competition platform. The first progress prize focuses on problems pitched at junior and high-school level maths competitions. There is a total prize pot of $1.048m for the first progress prize, of which at least $254k will be awarded in July 2024, There will be a presentation of progress held in Bath, England in July 2024, as part of the 65th IMO.
For more information on the AIMO Prize visit: https://aimoprize.com/ or the competition page on Kaggle: https://www.kaggle.com/competitions/ai-mathematical-olympiad-prize/
Advisory Committee member profiles:
D. Sculley
D. is the CEO at Kaggle. Prior to joining Kaggle, he was a director at Google Brain, leading research teams working on robust, responsible, reliable and efficient ML and AI. In his career in ML, he has worked on nearly every aspect of machine learning, and has led both product and research teams including those on some of the most challenging business problems. Some of his well-known work involves ML technical debt, ML education, ML robustness, production-critical ML, and ML for scientific applications such as protein design.
Kevin Buzzard
Kevin a professor of pure mathematics at Imperial College London, specialising in algebraic number theory. As well as his research and teaching, he has a wide range of interests, including being Deputy Head of Pure Mathematics, Co-Director of a CDT and the department’s outreach champion. He is currently focusing on formal proof verification, including being an active participant in the Lean community. From October 2024, he will be leading a project to formalise a 21st century proof of Fermat’s Last Theorem. Before joining Imperial, some 20 years ago, he was a Junior Research Fellow at the University of Cambridge, where he had previously been named ‘Senior Wrangler’ (the highest scoring undergraduate mathematician). He was also a participant in the International Mathematical Olympiad, winning gold with a perfect score in 1987. He has been a visitor at the IAS in Princeton, a visiting lecturer at Harvard, has won several prizes both for research and teaching, and has given lectures all over the world.
Leo de Moura
Leo is a Senior Principal Applied Scientist in the Automated Reasoning Group at AWS. In his spare time, he dedicates himself to serving as the Chief Architect of the Lean FRO, a non-profit organization that he proudly co-founded alongside Sebastian Ullrich. He is also honoured to hold a position on the Board of Directors at the Lean FRO, where he actively contributes to its growth and development. Before joining AWS in 2023, he was a Senior Principal Researcher in the RiSE group at Microsoft Research, where he worked for 17 years starting in 2006. Prior to that, he worked as a Computer Scientist at SRI International. His research areas are automated reasoning, theorem proving, decision procedures, SAT and SMT. He is the main architect of several automated reasoning tools: Lean, Z3, Yices 1.0 and SAL. Leo’s work in automated reasoning has been acknowledged with a series of prestigious awards, including the CAV, Haifa, and Herbrand awards, as well as the Programming Languages Software Award by the ACM. Leo’s work has also been reported in the New York Times and many popular science magazines such as Wired, Quanta, and Nature News.
Lester Mackey
Lester Mackey is a Principal Researcher at Microsoft Research, where he develops machine learning methods, models, and theory for large-scale learning tasks driven by applications from climate forecasting, healthcare, and the social good. Lester moved to Microsoft from Stanford University, where he was an assistant professor of Statistics and, by courtesy, of Computer Science. He earned his PhD in Computer Science and MA in Statistics from UC Berkeley and his BSE in Computer Science from Princeton University. He co-organized the second place team in the Netflix Prize competition for collaborative filtering; won the Prize4Life ALS disease progression prediction challenge; won prizes for temperature and precipitation forecasting in the yearlong real-time Subseasonal Climate Forecast Rodeo; and received best paper, outstanding paper, and best student paper awards from the ACM Conference on Programming Language Design and Implementation, the Conference on Neural Information Processing Systems, and the International Conference on Machine Learning. He is a 2023 MacArthur Fellow, a Fellow of the Institute of Mathematical Statistics, an elected member of the COPSS Leadership Academy, and the recipient of the 2023 Ethel Newbold Prize.
Peter J. Liu
Peter J. Liu is a Research Scientist at Google DeepMind in the San Francisco Bay area, doing machine learning research with a specialisation in language models since 2015 starting in the Google Brain team. He has published and served as area chair in top machine learning and NLP conferences such as ICLR, ICML, NEURIPS, ACL and EMNLP. He also has extensive production experience, including launching the first deep learning model for Gmail Anti-Spam, and using neural network models to detect financial fraud for top banks. He has degrees in Mathematics and Computer Science from the University of Toronto.
About XTX Markets:
XTX Markets is a leading financial technology firm which partners with counterparties, exchanges and e-trading venues globally to provide liquidity in the Equity, FX, Fixed Income and Commodity markets. XTX has over 200 employees based in London, Paris, New York, Mumbai, Yerevan and Singapore. XTX is consistently a top 5 liquidity provider globally in FX (Euromoney 2018-present) and is also the largest European equities (systematic internaliser) liquidity provider (Rosenblatt FY: 2020-2023).
The company’s corporate philanthropy focuses on STEM education and maximum impact giving (alongside an employee matching programme). Since 2017, XTX has donated over £100mn to charities and good causes, establishing it as a major donor in the UK and globally.
In a changing world XTX Markets is at the forefront of making financial markets fairer and more efficient for all.
 

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