|10-20-2014, 06:36 PM||#1|
IBM agrees to pay Globalfoundries $1.5 billion
After several months of talks the International Business Machines, IBM, agreed to pay $1.5 billion to take an unprofitable chip-manufacturing unit from Globalfoundries Inc.
The $1.5 billion will be paid over three years to make Globalfoundries IBM’s exclusive provider of specific Power processors for the next 10 years, in exchange for access to IBM’s intellectual property.
"IBM has always taken the long view of its business strategy, continuously reinventing,” said Tom Rosamilia, IBM’s senior vice president of the systems and technology group and integrated supply chain.
“One more step in the company’s reinvention,” he added clarifying that the cash portion paid to Globalfoundries will be partially offset by $200 million of working capital.
In the US midday session stock market IBM fell severely by 6.47% or 12.27 points to 169.78 and throughout the year it plunged by 2.9 percent
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