A management buyout for Plessey Co Plc’s small but highly-skilled Semiconductor division is on the cards if Plessey has to succumb to a new bid from GEC Siemens Plc, reports the Financial Times. The newspaper quotes Jrgen Knorr, Siemens AG’s head of semiconductors, saying If they would like to do it, they should do it: our first priority is telecommunications. Head of Plessey Semiconductors Doug Dunn is quoted as saying that he has been receiving telephone calls from financial institutions interested in looking at putting up cash for a buy-out. Plessey Semiconductors reported operating profits of UKP20m on sales of UKP130m last fiscal year.
