Tuesday, July 31, 2007

LSI Completes Sale Of Consumer Products Business To Magnum

Milpitas-based LSI Corporation said Tuesday morning that it has completed the sale of the firm's consumer products business to Magnum Semiconductor. The firm had announced the agreement in June, in conjunction with cutting 900 employees and restructuring the business. Terms of the sale have not been disclosed. LSI said that Magnum has purchased its DoMiNo and Zevio architectures, products, and related IP, and has offered employment to a "significant" number of LSI employees associated with the business. The sale follows LSI's merger in April with Agere Systems.