Solid State secures semiconductor franchise extension

(Sharecast News) - Solid State on Wednesday won a franchise extension with Microchip Technology in its value added distribution division, Solid State Supplies.Following its acquisition of Microsemi Corporation, Microchip extended its full franchise to Solid State Supplies, allowing it access to Microchip's entire product portfolio for sales in the UK and Eire.Microchip is a provider of semiconductors, serving more than 130,000 customers across the industrial, automotive, consumer, aerospace and defence, communications and computing markets with products and services that include total system solutions for smart, connected and secure 'internet-of-things' designs.The immediate impact of the franchise extension is not expected to be significant however has the potential to have a material impact on revenues in the longer term, while the full profit impact is expected to be delayed beyond the current financial year.John Macmichael, managing director of Solid State, said: "Solid State Supplies will add the benefits of its technical, demand creation activities to the Microchip product line, increasing Microchip's market penetration in the selected territories. In turn Solid State Supplies will benefit from a substantially increased product portfolio allowing it to gain greater traction and penetration in its existing account base whilst simultaneously expanding its active customer portfolio."Solid State's shares were up 2.65% at 504.00p at 1257 BST.