4/2/2003 - AMD (NYSE: AMD) and Fujitsu Limited (TSE: 6702, "Fujitsu") announced they have executed a Memorandum of Understanding (MOU) to establish a new Flash memory semiconductor company headquartered in Sunnyvale, California. A Japan headquarters will be located in Tokyo. The new company, to be called FASL LLC, will be based on the integration of AMD and Fujitsu's Flash memory businesses, including their existing joint manufacturing venture, Fujitsu AMD Semiconductor Limited. The new company is expected to begin operations in the third quarter of this year.
The combination of a customer-centric approach, industry-leading technology expertise, integrated manufacturing, and a streamlined business model is intended to create the pre-eminent global Flash memory provider.
"Customers are looking for a strong, collaborative partner in the Flash memory category, and that's what we intend to create with this new company," said Hector Ruiz, AMD president and chief executive officer. "AMD and Fujitsu have a long history of cooperation. Our joint manufacturing venture, which commenced in 1993, has been a model of success for US-Japanese joint ventures. Today we are taking that relationship to the next level. I believe this new flash memory company will have all of the necessary ingredients, including scale of operations and revenues, to contend for market leadership. This is the right move, at the right time, for both our customers and our companies."
The MOU provides for:
AMD expects to contribute its:
Fujitsu plans to contribute its:
Fujitsu and AMD plan to jointly contribute:
"We expect this new company to be a more formidable competitor in the Flash memory business," said Masamichi Ogura, Fujitsu Limited corporate senior vice president and group president of Fujitsu's Electronic Devices Business Group. "By joining together in a more comprehensive alliance, we can improve our market position through consolidated research and development efforts, as well as benefit from greater access to each other's technology and manufacturing expertise. Both AMD and Fujitsu share a common goal to make FASL a market leader in the Flash memory business and today's MOU is an important step towards reaching that goal."
AMD is a global supplier of integrated circuits for the personal and networked computer and communications markets with manufacturing facilities in the United States, Europe, Japan, and Asia. AMD, a Fortune 500 and Standard & Poor's 500 company, produces microprocessors, Flash memory devices, and support circuitry for communications and networking applications. Founded in 1969 and based in Sunnyvale, California, AMD had revenues of approximately $2.7 billion in 2002. (NYSE: AMD).
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Fujitsu is a leading provider of customer-focused IT and communications solutions for the global marketplace. Pace-setting technologies, high-reliability/performance computing and telecommunications platforms, and a worldwide corps of systems and services experts make Fujitsu uniquely positioned to unleash the infinite possibilities of the broadband Internet to help its customers succeed. Headquartered in Tokyo, Fujitsu Limited (TSE:6702) reported consolidated revenues of 5 trillion yen (about US$38 billion) for the fiscal year ended March 31, 2002. For more information, please see: http://www.fujitsu.com/
* AMD, the AMD Arrow logo, and combinations thereof, are trademarks of Advanced Micro Devices, Inc.
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