PHOENIX, Ariz. – May 21, 2007 – ON Semiconductor Corporation (NASDAQ: ONNN) today announced that its Board of Directors authorized the repurchase of up to 30 million shares of the company’s common stock over an approximate two year period -- through June 30, 2009. The company’s prior share repurchase program, which was authorized in November of 2006, has been terminated. Under the prior share repurchase program, the company repurchased over 90 percent or approximately 46.4 million of the 50 million shares authorized by the Board of Directors.

“Over the last six months, the company has repurchased approximately $355 million or approximately 46.4 million shares of its common stock authorized for repurchase,” said Donald Colvin , ON Semiconductor executive vice president and CFO. “With our current strong cash position and our ongoing cash flow generating capabilities of the business, we believe we are in a position to continue executing shareholder friendly actions such as stock repurchases.” The pace of repurchase activity over the program’s two year term will depend on a number of uncertainties and factors including the company’s levels of cash generated from operations, repayments of debt, current stock prices and other factors. The company may repurchase shares from time to time on the open market or in private transactions, including structured transactions. The stock repurchase program may also be modified or discontinued at any time. About ON Semiconductor

With its global logistics network and strong portfolio of power semiconductor devices, ON Semiconductor (Nasdaq: ONNN) is a preferred supplier of power solutions to engineers, purchasing professionals, distributors and contract manufacturers in the power supply, computer, consumer, portable/wireless, automotive and industrial markets. For more information, please visit ON Semiconductor’s website at .

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ON Semiconductor and the ON Semiconductor logo are registered trademarks of Semiconductor Components Industries, LLC. All other brand and product names appearing in this document are registered trademarks or trademarks of their respective holders. Although the company references its website in this news release, information on the website is not to be incorporated herein.

This news release includes “forward-looking statements” as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact are statements that could be deemed forward-looking statements and are often characterized by the use of words such as “believes,” “expects,” “estimates,” “projects,” “may,” “will,” “intends,” “plans,” or “anticipates,” or by discussions of strategy, plans or intentions. In this news release, forward-looking information relates to our plans to repurchase up to 30 million shares of common stock and similar matters. All forward-looking statements in this news release are based on management's current expectations and estimates, and involve risks, uncertainties and other factors (collectively, “uncertainties”) that could cause results to differ materially from those expressed in forward-looking statements. In addition to the uncertainties that are stated earlier in this news release for the stock repurchase program, other uncertainties include future board approval of certain specifics of the program (e.g. repurchase pricing, method of repurchases); and as a result, there can be no assurances that any or all of the available shares will be repurchased under the program. Additional uncertainties include future alternative uses of cash, future competing investment opportunities, stock price volatility, market conditions, revenues and operating performance, changes in overall economic conditions, the cyclical nature of the semiconductor industry, changes in demand for our products, changes in inventories at our customers and distributors, technological and product development uncertainties, availability of raw materials, competitors' actions, product and service pricing and gross margin pressures, loss of key customers, order cancellations or reduced bookings, changes in manufacturing yields, control of costs and expenses, significant litigation, uncertainties associated with acquisitions and dispositions, uncertainties associated with our substantial leverage and restrictive covenants in our debt agreements, uncertainties associated with our international operations, the threat or occurrence of international armed conflict and terrorist activities both in the United States and internationally, increased and new regulation of corporate governance and disclosure standards (including pursuant to Section 404 of the Sarbanes-Oxley Act of 2002), and uncertainties involving environmental or other governmental regulation. Other uncertainties that could affect the company’s future are in “Item 1A Risk Factors” of our Form 10-K for the year ended December 31, 2006 and are described from time to time in our SEC filings. Readers are cautioned not to place undue reliance on forward-looking statements. We assume no obligation to update such information.

About onsemi

onsemi (Nasdaq: ON) is driving disruptive innovations to help build a better future. With a focus on automotive and industrial end-markets, the company is accelerating change in megatrends such as vehicle electrification and safety, sustainable energy grids, industrial automation, and 5G and cloud infrastructure. With a highly differentiated and innovative product portfolio, onsemi creates intelligent power and sensing technologies that solve the world’s most complex challenges and leads the way in creating a safer, cleaner, and smarter world.


onsemi and the onsemi logo are trademarks of Semiconductor Components Industries, LLC. All other brand and product names appearing in this document are registered trademarks or trademarks of their respective holders. Although the Company references its website in this news release, information on the website is not to be incorporated herein.

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