AMD splitting up!
Microprocessor Company Advanced Micro Devices has announced that they are now splitting up their business operations.
AMD has been struggling to compete against Intel in the recent times.
The company is now spinning off its manufacturing plants. This plan is part of their agreement with Abu Dhabi government which is investing $8.4 billion in the company.
Abu Dhabi is paying around $700 million for a stake in the newly formed company named Foundry. This company would own and operate two plants in Germany. It would also establish a new factory in New York.
This new entity would also receive $6 billion additional to setup new plants. Another $1.4 billion would be provided for operating capital.
AMD Chief Executive Officer Dirk Meyer said in a statement that this fresh investment would make the company financially strong.
Foundry would manufacture processors for AMD and would also seek contracts from other companies.
AMD would design the chips and develop new technologies.
Abu Dhabi, Advanced Micro Devices, AMD, Dirk Meyer, Foundry, Intel, Processor News
Manuj Kumar
Category: News
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