- Future Electronics has “generated revenues of US$2.9 billion in six months.
- Chief Operating Officer Omar Baig assumed Miller’s corporate responsibilities.
WT Microelectronics has purchased Future Electronics for US$3.8 billion. WT Microelectronics has announced this report.
Seven months ago, the Radio-Canada investigative program Enquête alleged that the Founder of Future Electronics, Robert Miller, has paid to have sex with minors.
Although the company denied all allegations, he has to step down as the CEO to concentrate on “serious health issues” and take legal action against his accusers. Future Electronics chief operating officer Omar Baig assumed Miller’s corporate responsibilities.
Within the week of the allegation, alleged victims launched an application for a class action suit against Miller and Future Electronics. In May, the woman who claimed to be assaulted by Miller filed an $8-million lawsuit against him, his company, two Future Electronics executives and the Queen Elizabeth Hotel.
WT Microelectronics noted that during the first six months of 2023, Future Electronics had “generated revenues of US$2.9 billion, operating income of $228 million and net income of $184 million.”
The company expected the transaction to “deliver long-term, sustainable value to all relevant stakeholders including customers, suppliers, employees and shareholders through the combination of two highly complementary organisations.”
