Seagate Technology Inc, Scotts Valley, California is to take a controlling stake in a new company formed to buy the assets of failed Scottish start-up Integrated Power Semiconductors Ltd, Livingston, West Lothian from the receiver. Partners in the rescue are the Scottish Development Agency, which lost UKP2m when the power chipmaker went into receivership, the Bank of Scotland, which is also providing new loans, and a management group from the failed company. The rescue will save about 150 jobs at the Livingston. The 3i venture capital group was a big loser in the failure, having put up about UKP4.75m of the UKP20m absorbed by the company before its crash. Power semiconductors are used in high voltage applications such as power supplies.
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