Onsemi issued an announcement on September 19 saying that the company approved an investment exit plan on September 16 to close a sub-sector of its Advanced Solutions Group division, which is related to the company's legacy Quantenna business and whose revenue is less than 3% of the company's consolidated 2021 revenue.

Onsemi said this will further enable the company to focus investments on strategic priority areas, including smart power and smart sensing, simplifying its operations and reducing costs.

For this exit plan, onsemi is evaluating the impact of related exit costs, including employee severance and related benefit expenses, as well as other contract termination costs, which are not expected to be significant overall.