Latest news with #Ascend
Malaysian Reserve
2 days ago
- Business
- Malaysian Reserve
Ascend Commences Orderly Wind Down of HMD Production Facility in Lianyungang
All other facilities continue to operate as usual; shipments and product delivery to continue in normal course Remains on track to emerge from Chapter 11 this fall HOUSTON, June 17, 2025 /PRNewswire/ — Ascend Performance Materials, a leading producer of high-performance and durable engineered materials for everyday essentials and new technologies, announced today its decision to initiate a wind down of operations at its hexamethylene diamine production facility in Lianyungang, China. This decision follows a comprehensive evaluation of the facility's long-term viability amid evolving market dynamics and regulatory landscapes. 'Ascend has made significant strides improving the business as we continue to focus on driving operational effectiveness,' said Phil McDivitt, President and CEO of Ascend Performance Materials. 'In April, with the support of our lenders, we initiated a financial restructuring process to reduce our debt and position Ascend for the future. As we evaluated the market conditions and ongoing trade disputes, we determined that the LYG production facility is no longer the best way to support our customers in the region. Accordingly, we have made the decision to wind down the facility.' He continued, 'Decisions that impact our people are never easy. The people in our LYG plant showed excellence and dedication in everything they did, and we thank them for their contributions to Ascend, and this decision is not a reflection of the hard work and dedication of the team in LYG. We are committed to supporting our impacted team members, and we are committed to making this a smooth transition process for our customers and partners.' Ascend remains steadfast in its commitment to safety, environmental stewardship, and regulatory compliance throughout the wind down process. The Company will work closely with local authorities to ensure that decommissioning activities meet all applicable environmental and safety standards. The Company expects to complete the wind down process over the next several months. The rest of the Company's Chinese operations, including the Suzhou compounding facility, will continue to operate as usual. Ascend remains focused on creating and delivering high quality performance materials for its customers worldwide, and expects to emerge from the Chapter 11 process later this year. Additional Information Additional information about Ascend's Chapter 11 process is available at Bankruptcy Court filings and other information regarding the case can be found at or by contacting Epiq, the Company's noticing and claims agent, at (888) 890-9917 (for toll-free U.S. calls) or +1 (971) 385-8728 (for tolled international calls). About Ascend Performance Materials Ascend Performance Materials makes high-performance materials for everyday essentials and new technologies. Our focus is on improving quality of life and inspiring a better tomorrow through innovation. Based in Houston, Texas, and with regional offices in Shanghai, Brussels and Detroit, we are a fully integrated material solutions provider with global manufacturing facilities in North America, Europe and Asia. Our global workforce makes the materials used to make safer vehicles, cleaner energy, better medical devices, smarter appliances and longer-lasting apparel and consumer goods. We are committed to safety, sustainability and the success of our customers and our communities. Ascend Media: Osama KhalifaOkhali@ Rachel Chesley / Rose TempleAscendComms@
Kuwait Times
3 days ago
- Business
- Kuwait Times
Taiwan adds China's Huawei and SMIC to export blacklist
BEIJING: People are seen at an electronics store in a mall in Beijing on June 16, 2016. – AFP TAIPEI: Taiwan has put Chinese tech giant Huawei and chip titan SMIC on an export blacklist, further squeezing Beijing's access to the technology needed to build the most advanced chips. Huawei and Semiconductor Manufacturing International Corp were among 601 entities added to Taiwan's 'strategic high-tech commodities entity list', the Ministry of Economic Affairs' International Trade Administration said Sunday. Taiwan is a global chip powerhouse, producing more than half of the world's semiconductors — including almost all high-end chips. Local companies wanting to ship high-tech products to Huawei, SMIC or any other entity on the list will have to obtain permission from Taiwan's government. 'Based on the prevention of arms proliferation and other national security considerations, a total of 601 entities involved in arms proliferation activities were added to the list... including Chinese companies such as Huawei and SMIC,' the administration said in a statement. Other entities added to the list are based in Russia, Pakistan, Iran and Myanmar, according to the statement. Taipei's move deals another blow to Chinese tech companies, which are already facing increasing export restrictions imposed by the United States. The United States has expanded efforts to curb exports of state-of-the-art chips to China, concerned they could be used to advance Beijing's military systems and other tech capabilities. Washington recently unveiled guidelines warning firms that using Chinese-made high-tech AI semiconductors, specifically Huawei's Ascend chips, would put them at risk of violating US export controls. Tougher controls have prevented US chip giant Nvidia, one of Huawei's rivals, from selling certain AI semiconductors — widely regarded as the most advanced in the world — to Chinese firms. As a result, it is now facing tougher competition from local players in the crucial market, including Huawei. Nvidia's chief executive Jensen Huang told reporters last month that Chinese companies 'are very, very talented and very determined, and the export control gave them the spirit, the energy and the government support to accelerate their development'. But Huawei's chips still 'lag behind the United States by one generation', state media quoted its founder and CEO Ren Zhengfei as saying in a rare interview last week. Beijing has accused the United States of 'bullying' and 'abusing export controls to suppress and contain' Chinese firms. — AFP
Yahoo
3 days ago
- Business
- Yahoo
Ascend Commences Orderly Wind Down of HMD Production Facility in Lianyungang
All other facilities continue to operate as usual; shipments and product delivery to continue in normal course Remains on track to emerge from Chapter 11 this fall HOUSTON, June 17, 2025 /PRNewswire/ -- Ascend Performance Materials, a leading producer of high-performance and durable engineered materials for everyday essentials and new technologies, announced today its decision to initiate a wind down of operations at its hexamethylene diamine production facility in Lianyungang, China. This decision follows a comprehensive evaluation of the facility's long-term viability amid evolving market dynamics and regulatory landscapes. "Ascend has made significant strides improving the business as we continue to focus on driving operational effectiveness," said Phil McDivitt, President and CEO of Ascend Performance Materials. "In April, with the support of our lenders, we initiated a financial restructuring process to reduce our debt and position Ascend for the future. As we evaluated the market conditions and ongoing trade disputes, we determined that the LYG production facility is no longer the best way to support our customers in the region. Accordingly, we have made the decision to wind down the facility." He continued, "Decisions that impact our people are never easy. The people in our LYG plant showed excellence and dedication in everything they did, and we thank them for their contributions to Ascend, and this decision is not a reflection of the hard work and dedication of the team in LYG. We are committed to supporting our impacted team members, and we are committed to making this a smooth transition process for our customers and partners." Ascend remains steadfast in its commitment to safety, environmental stewardship, and regulatory compliance throughout the wind down process. The Company will work closely with local authorities to ensure that decommissioning activities meet all applicable environmental and safety standards. The Company expects to complete the wind down process over the next several months. The rest of the Company's Chinese operations, including the Suzhou compounding facility, will continue to operate as usual. Ascend remains focused on creating and delivering high quality performance materials for its customers worldwide, and expects to emerge from the Chapter 11 process later this year. Additional Information Additional information about Ascend's Chapter 11 process is available at Bankruptcy Court filings and other information regarding the case can be found at or by contacting Epiq, the Company's noticing and claims agent, at (888) 890-9917 (for toll-free U.S. calls) or +1 (971) 385-8728 (for tolled international calls). About Ascend Performance Materials Ascend Performance Materials makes high-performance materials for everyday essentials and new technologies. Our focus is on improving quality of life and inspiring a better tomorrow through innovation. Based in Houston, Texas, and with regional offices in Shanghai, Brussels and Detroit, we are a fully integrated material solutions provider with global manufacturing facilities in North America, Europe and Asia. Our global workforce makes the materials used to make safer vehicles, cleaner energy, better medical devices, smarter appliances and longer-lasting apparel and consumer goods. We are committed to safety, sustainability and the success of our customers and our communities. Ascend Media: Osama KhalifaOkhali@ Rachel Chesley / Rose TempleAscendComms@ View original content to download multimedia: SOURCE Ascend Performance Materials Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
HKFP
5 days ago
- Business
- HKFP
Taiwan adds China's Huawei, SMIC to export blacklist
Taiwan has put Chinese tech giant Huawei and chip titan SMIC on an export blacklist, further squeezing Beijing's access to the technology needed to build the most advanced chips. Huawei and Semiconductor Manufacturing International Corp were among 601 entities added to Taiwan's 'strategic high-tech commodities entity list', the Ministry of Economic Affairs' International Trade Administration said Sunday. Taiwan is a global chip powerhouse, producing more than half of the world's semiconductors — including almost all high-end chips. Local companies wanting to ship high-tech products to Huawei, SMIC or any other entity on the list will have to obtain permission from Taiwan's government. 'Based on the prevention of arms proliferation and other national security considerations, a total of 601 entities involved in arms proliferation activities were added to the list… including Chinese companies such as Huawei and SMIC,' the administration said in a statement. Other entities added to the list are based in Russia, Pakistan, Iran and Myanmar, according to the statement. Taipei's move deals another blow to Chinese tech companies, which are already facing increasing export restrictions imposed by the United States. The United States has expanded efforts to curb exports of state-of-the-art chips to China, concerned they could be used to advance Beijing's military systems and other tech capabilities. Washington recently unveiled guidelines warning firms that using Chinese-made high-tech AI semiconductors, specifically Huawei's Ascend chips, would put them at risk of violating US export controls. Tougher controls have prevented US chip giant Nvidia, one of Huawei's rivals, from selling certain AI semiconductors — widely regarded as the most advanced in the world — to Chinese firms. As a result, it is now facing tougher competition from local players in the crucial market, including Huawei. Nvidia's chief executive Jensen Huang told reporters last month that Chinese companies 'are very, very talented and very determined, and the export control gave them the spirit, the energy and the government support to accelerate their development'. But Huawei's chips still 'lag behind the United States by one generation', state media quoted its founder and CEO Ren Zhengfei as saying in a rare interview last week. Beijing has accused the United States of 'bullying' and 'abusing export controls to suppress and contain' Chinese firms.
CNBC
5 days ago
- Business
- CNBC
Taiwan blacklists China's Huawei and SMIC, further aligning with U.S. trade policy
Taiwan has added China's Huawei and SMIC to its trade blacklist in a move that further aligns it with U.S. trade policy and comes amid growing tensions with Beijing. The International Trade Administration of Taiwan added Huawei and SMIC to its "Strategic High-Tech Commodities Entity List," including a host of their subsidiaries. Taiwan's current regulations require licenses from regulators before domestic firms can ship products to parties named on the entity list. Huawei and SMIC, two of China's leading semiconductor companies, are also on a trade blacklist in the United States and have been impacted by Washington's sweeping controls on advanced chips. Companies such as contract chipmaker Taiwan Semiconductor Manufacturing Co already follow U.S. export restrictions. However, the addition of Huawei and SMIC to the Taiwan blacklist is likely aimed at the reinforcement of this policy and a tightening of existing loopholes, Ray Wang, an independent semiconductor and tech analyst, told CNBC. He added that the new domestic export controls could also raise the punishment for any potential breaches in the future. TSMC had been embroiled in controversy in October last year when semiconductor research firm TechInsights found a TSMC-made chip in a Huawei AI training card. Following the discovery, the U.S. Commerce Department ordered TSMC to halt Chinese clients' access to chips used for AI services, according to a report from Reuters. TSMC could also reportedly face a $1 billion as penalty to settle a U.S. investigation into the matter. Huawei has been working to create viable alternatives to Nvidia's general processing units used for AI. However, experts say the company's advancement has been limited by export controls and a lack of scale and advancement in the domestic chip ecosystem. Still, Huawei had been able to acquire several million GPU dies from TSMC for its Ascend chip design by using previous loopholes before they were discovered, according to Paul Triolo, partner and senior vice president for China at advisory firm DGA-Albright Stonebridge Group. A die refers to a small piece of silicon material that serves as the foundation for building processors and contains the intricate circuitry and components necessary to perform computations. The Taiwanese government's crackdown on exports to SMIC and Huawei also comes amid tense geopolitical tensions with Mainland China, which regards the democratically governed island as its own territory to be reunited by force, if necessary. In April, the U.S. reaffirmed its commitment to support the existing status quo as China conducted large-scale military exercises off the coast of the island. In statements reported by state media on Sunday, China's top political adviser Wang Huning echoed Beijing's position, calling for the promotion of national reunification with Taiwan and for resolute opposition to Taiwan independence.
