Cypress completes sale of Silicon Valley R&D fab

Cypress Semiconductor Corp. announced that it has completed the sale of its Silicon Valley Technology Center (SVTC), which has been established as an independent company.

Earlier, Cypress announced it had reached an agreement to sell SVTC to private equity firms Oak Hill Capital Partners and Tallwood Venture Capital for approximately $53 million in cash.

As an independent company, SVTC will function as a development foundry that offers start-up and established corporations the opportunity to develop and characterize their silicon-based technologies. Cypress, which will remain a customer, said it transferred substantially all equipment, process technologies and personnel associated with its SVTC business to the buyers as part of the deal.

SVTC announced that Dave Bergeron, who recently served as executive-in-residence at Tallwood Ventures, is joining SVTC as CEO. Bert Bruggeman, who developed the SVTC business model and grew it into a profitable enterprise, will become SVTC's vice president of operations and general manager, SVTC said.

- Dylan McGrath
EE Times