Tuesday, August 21, 2007

LSI Sells Mobility Products Business

Milpitas-based LSI Corporation said Monday evening that it is in an agreement to sell its mobility products business to Infineon Technologies AG. The deal is worth $450M in cash, plus up to $50M in a performance-based payment. The firm said that the sale is part of the company's strategic review of its business, following its merger with Agere earlier this year. LSI's Mobility Products Group designs semiconductors and software for the cell phone and satellite radio markets, and employs approximately 700. LSI said that the mobility products group had revenues of approximately $186M in the first half of the year. The sale of LSI's mobility products business follows a similar move the firm made in June, when it sold its consumer products business to Magnum.