ON Semiconductor Announces New $1.5 Billion Stock Repurchase Program

November 15, 2018 – ON Semiconductor Corporation (NASDAQ: ON), driving energy-efficient innovation, today announced that its board of directors has approved a new stock repurchase program. Under the new stock repurchase program, the company intends to repurchase up to $1.5 billion of common stock over four years. The new stock repurchase program will take effect on December 1, 2018, coinciding with the expiration of the $1 billion stock repurchase program announced in December 2014, and is intended to return excess capital to ON Semiconductor shareholders to maximize capital efficiency.

“ON Semiconductor is well positioned to deliver results over the next four years with strong momentum in the industrial, automotive and cloud power markets, which we expect will enable us to continue to invest in the business and return capital to shareholders, consistent with our existing capital allocation policy,” said Keith Jackson, President and CEO of ON Semiconductor. “Our new share repurchase program reflects our confidence in the business’ ability to generate long-term available cash flow, and we expect the new program will deliver significant value to shareholders.”

Prior to the expiration of the 2014 stock repurchase program, ON Semiconductor purchased approximately $712 million of the $1 billion authorized in the 2014 program, including the $200 million repurchase of 11.5 million shares completed in the fourth quarter of 2018. Stock repurchases may be made from time to time through a variety of methods, including in the open market or in privately negotiated transactions. The timing of any repurchases and the actual number of shares repurchased will depend on a variety of factors, including our stock price, corporate and regulatory requirements, limitations under our debt obligations and other market and economic conditions. The stock repurchase program does not require us to purchase any specific number of shares of our common stock, is subject to a variety of factors, including the discretion of our Board of Directors, and may be suspended or terminated at any time.

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