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LSI Logic, Agere ink $4B merger

Posted: 06 Dec 2006 ?? ?Print Version ?Bookmark and Share

Keywords:LSI Logic? Agere Systems? storage solutions? networking?

LSI Logic Corp. and Agere Systems Inc. have entered into a $4 billion all-stock merger transaction. The combined company, to be called LSI Logic Corp., will offer a comprehensive product line including semiconductors, systems and related software for storage, networking and consumer electronics. The companies have combined revenue of $3.5 billion for the 12 months ended Sept. 30.

"By joining forces, we expect the combined scale to enable us to extend our franchises in our market segments, realize significant synergies and better serve the needs of our collective customers, shareholders and employees," said Abhi Talwalkar, LSI Logic president and CEO.

Richard Clemmer, Agere Systems president and CEO said, "Together, the two companies should be well positioned to achieve greater success. The complementary products and capabilities of each can enable the combined company to pursue significant new opportunities while delivering more value to customers."

In terms of savings, the combined company is expected to cut costs by at least $125 million in 2008 from increased efficiencies in manufacturing and operating expenses.

Talwalkar will serve as president and CEO of the new company, to be headquartered in Milpitas, California. LSI non-executive chairman James Keyes will serve as non-executive chairman of the board of directors of the new company.

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