Posted AT 11:45 AM EST on 07/10/08
AMD to spin off factories
NEW YORK — In a move to dramatically cut costs and better compete with Intel Corp., chip maker Advanced Micro Devices Inc. said Tuesday it will spin off its factories into a new joint venture with investors in the Persian Gulf state of Abu Dhabi.
The deal should shore up AMD's finances and let it focus on the design and development of computer chips. The new venture, to be based in the U.S. and called Foundry Co.
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