+44 (0)24 7671 8970
More publications     •     Advertise with us     •     Contact us
*/
News Article

AMD’s proposed acquisition of ATI receives approval

News
Advanced Micro Devices, Inc. (AMD) and ATI Technologies Inc. announced that the proposed acquisition of ATI by AMD has been approved by the Minister of Industry under the Investment Canada Act, satisfying one of the conditions to the closing of the acquisition.
“We are confident that our plans for the combination of AMD and ATI will deliver customer-focused solutions and will benefit Canada and its future role in the technology industry,” said AMD Chairman and CEO Hector Ruiz. “We look forward to the successful completion of the transaction that will generate new opportunities for both companies, the employees and the communities in which we operate.” The proposed acquisition, announced on July 24, 2006, still remains subject to the approval of ATI shareholders, court approval of the plan of arrangement and other customary closing conditions. Subject to satisfaction or waiver of these conditions, the transaction is expected to be completed during the week of October 23. Demonstrating that the transaction will be a net benefit to Canada, AMD made several commitments to the Minister of Industry with respect to its Canadian operations, including: Plans to expand research and development in Canada by committing to increase the number of employees in the R&D sector in Canada, increase total expenditures on research and development in Canada when compared to: ATI’s expenditures in this area in the prior years, and increase the number of student co-op positions that will be available to Canadian students at its operations in Canada; Nominating a Canadian for election to AMD’s board of directors over the next five years, highlighting the importance that Canada will play in the ongoing operations of the combined AMD-ATI entity; and Plans for a global mandate for the current ATI consumer business unit, which will continue to be based in Markham, Canada. The current head of this unit, a Canadian citizen, is expected to continue in this leadership role.
×
Search the news archive

To close this popup you can press escape or click the close icon.
Logo
×
Logo
×
Register - Step 1

You may choose to subscribe to the Silicon Semiconductor Magazine, the Silicon Semiconductor Newsletter, or both. You may also request additional information if required, before submitting your application.


Please subscribe me to:

 

You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in: