News Article
Investors okay AMD sale
AMD shareholders vote on Abu Dhabi investment and agree to the formation of The Foundry Company
Advanced Micro Devices (AMD) has announced that stockholders had voted and approved a manufacturing joint venture that will be developed with investment from Advanced Technology Investment of Abu Dhabi and allows for the creation of the already proposed new company to be called The Foundry Company. The new company will have its principal headquarters in Silicon Valley, and its research and development and manufacturing teams in New York, Dresden, and Austin.
AMD stated that during an extraordinary meeting in Texas stockholders had approved the issuing of 58 million shares of common stock and warrants to purchase 35 million shares of common stock to an affiliate of another Abu Dhabi company, Mubadala Development Co. ATIC is a technology investment company owned by the government of Abu Dhabi while Mubadala Development Co. is a joint stock company whose sole shareholder is the Abu Dhabi government.
AMD said the move would result in one company that designs semiconductors and another which builds them. The hope is that the two companies will develop their own strengths and provide AMD a platform to actively increase market share in both sectors. The Foundry Company will include manufacturing facilities in Dresden, Germany. AMD has already stated its objectives with plans to expand this site as well as build a new site in New York.
AMD stated that during an extraordinary meeting in Texas stockholders had approved the issuing of 58 million shares of common stock and warrants to purchase 35 million shares of common stock to an affiliate of another Abu Dhabi company, Mubadala Development Co. ATIC is a technology investment company owned by the government of Abu Dhabi while Mubadala Development Co. is a joint stock company whose sole shareholder is the Abu Dhabi government.
AMD said the move would result in one company that designs semiconductors and another which builds them. The hope is that the two companies will develop their own strengths and provide AMD a platform to actively increase market share in both sectors. The Foundry Company will include manufacturing facilities in Dresden, Germany. AMD has already stated its objectives with plans to expand this site as well as build a new site in New York.
