IBM's unloading its loss-making semiconductor division to GlobalFoundries
Posted in the Utica Forum
#1 Jul 27, 2014
IBM's hopes of unloading its loss-making semiconductor division to GlobalFoundries have reportedly been dashed, with GlobalFoundries refusing to budge on price.
Word that Big Blue was planning to sell off its chips business first surfaced in February, when the company retained investment bankers Goldman Sachs to help it put a value on the division.
GlobalFoundries which was formerly AMD's chip-fabbing wing before it was sold to an investment arm of the government of Abu Dhabi in 2008 has long been considered a frontrunner for the sale, owing to its close ties to IBM. The company has been baking chips for Big Blue at its Fab 8 facility in upstate New York since January 2012.
Recent developments have added fuel to speculation that IBM and GlobalFoundries were close to a deal, too. Earlier this month, the chip-baker brought Henry DiMarco on board as VP of site construction and facilities. DiMarco, a longtime IBM employee, was previously in charge of designing, building, and running IBM's 300mm fab in East Fishkill, NY.
Whatever common ground the two companies may have, however, it now seems GlobalFoundries won't be snapping up IBM's chip business after all. Bloomberg reports that talks of a sale have broken down, citing the omnipresent "people with knowledge of the matter."
#2 Jul 27, 2014
I know now what IBM wont keep losing money on its fabs.
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