LSI wraps up Agere buy

LSI Logic has completed its US$4 billion acquisition of fellow chipmaker Agere Systems, it said last week.

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By  Administrator Published  April 12, 2007

LSI Logic has completed its US$4 billion acquisition of fellow chipmaker Agere Systems, it said last week.

The combined company, which makes processors for storage and communications networks, will now focus on achieving previously announced cost savings of at least US$125million per annum by 2008.

The company, renamed LSI, employs around 9,100 staff across more than 20 countries and has said the cost savings will come either through redundancies or consolidation of facilities.

"Today's merger marks the creation of a new company that unites two of the leading innovators in silicon-to-system solutions," said Abhi Talwalkar, LSI president and CEO.

"We have assembled a dynamic organisation that blends the unique strengths of each company and we are confident that we can achieve the synergies and growth that we first outlined in December," added Talwalkar.

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