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AMD Floats New JV with Abu Dhabi Company
By
ChannelTimes Staff
Mumbai, Oct 07, 2008 1159 hrs IST
AMD and Advanced Technology Investment Company (ATIC) of Abu Dhabi have announced the formation of a US-headquartered, leading-edge semiconductor manufacturing company to address growing demand for independent foundry production capabilities.
The new global company, to be temporarily called 'The Foundry Company', will serve this need by combining advanced process technology, manufacturing facilities and aggressive plans to expand its global capacity footprint. At the same time, Mubadala Development Company will increase its current investment in AMD to 19.3% on a fully-diluted basis.
In a new venture, AMD will contribute its manufacturing facilities, including two fabrication facilities in Dresden, Germany, as well as related assets and intellectual property rights. ATIC will invest US$ 2.1 billion to purchase its stake in The Foundry Company, of which it will invest US$ 1.4 billion directly in the new entity and the remainder will be paid to AMD to purchase additional shares in a new company.
AMD and ATIC will equally share the positions in the board of The Foundry Company.
Doug Grose will be the CEO of this new company, while Hector Ruiz will become the chairman. To augment its announced leadership, the new company plans an aggressive recruitment strategy to round out a world-class semiconductor manufacturing leadership team.
"With The Foundry Company, AMD has developed an innovative way to focus our efforts on design while maintaining access to the leading-edge manufacturing technologies that our business needs without the required capital-intensive investments of semiconductor manufacturing," said Dirk Meyer, President and CEO, AMD.
Waleed Al Mokarrab, Chairman, ATIC, said, "More than a year in the making, today's announcement significantly reshapes the global semiconductor industry - it is an investment where all parties see significant opportunity. Independent and well-capitalized, The Foundry Company begins day one with an established leading-edge customer, an advanced technology roadmap, an R&D partnership with IBM, and a clear plan to scale capacity, providing it the foundation to become a clear leader in global semiconductor manufacturing."
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