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News Release from: LSI Europe
Edited by the Electronicstalk Editorial
Team on 03 April 2007
LSI drops the Logic to mark Agere merger
LSI Logic has completed its merger with Agere Systems, effective 2nd April 2007, and will rename the newly merged company LSI Corporation.
LSI Logic has completed its merger with Agere Systems, effective 2nd April 2007, and will rename the newly merged company LSI Corporation The company will continue to trade under the stock symbol LSI on the New York Stock Exchange
This article was originally published on Electronicstalk on 23 May 2001 at 8.00am (UK)
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"Today's merger marks the creation of a new company that unites two of the leading innovators in silicon-to-systems solutions", said Abhi Talwalkar, LSI Logic President and Chief Executive Officer.
"Moving forward, our combined scale and resources will strengthen our ability to create value for customers and shareholders and win in our key markets".
The new LSI is uniquely positioned as a semiconductor and storage systems leader with an unparalleled innovation pipeline and a broad array of competitive, customer-valued products and solutions in large and growing markets.
Its well established presence in the storage, networking and consumer electronics markets should enable the company to drive sustainable long-term growth and shareholder value through the strengthening of its platforms and the expansion of its existing customer and partner relationships.
Talwalkar added: "In the months since our merger announcement, we have developed detailed integration plans that should enable us to hit the ground running today as a single organisation with clear leadership and goals".
"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".
On 4th December 2006, LSI and Agere announced a definitive merger agreement whereby Agere shareholders would receive 2.16 shares of LSI for each share of Agere they own.
Shareholders of both companies approved the merger at separate meetings held on 29th March 2007.
The two companies had combined revenue of US $3.5 billion for the 12 months ended 31st December 2006.
The new LSI operates in more than 20 countries, with a workforce of approximately 9100 employees, including nearly 4300 engineers.
The company owns a substantial patent portfolio consisting of more than 10,000 issued and pending US patents.
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