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IBM to pay USD 1.5 bln to offload chipmaking unit - report

Monday 20 October 2014 | 08:45 CET | News
IBM will pay USD 1.5 billion over three years to Globalfoundries for the company to take over IBM's unprofitable chip-manufacturing unit, Bloomberg reported, citing two people with knowledge of the matter. The company said on 19 October that it planned on making a major business announcement the next day. IBM will also receive USD 200 million worth of assets, bringing the net value of the deal USD 1.3 billion. Manufacturing microelectronics accounts for less than 2 percent of IBM revenue but the division does lose up to USD 1.5 billion per year, a source said earlier. Globalfoundries, owned

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Categories: Mobile & Wireless
Countries: World
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