Cirrus Logic Spins Out PC Modem Product Group
Action underscores Cirrus Logic's commitment to focus on core businesses
FREMONT, Calif.--(BUSINESS WIRE)--Nov. 12, 1998--Cirrus Logic Inc. (Nasdaq:CRUS - news) today announced it has signed a letter of intent to spin out its PC modem business unit of about 40 employees to form Ambient Technologies Inc., a private company.
Under terms of the agreement, Ambient will acquire Cirrus Logic's PC modem products and become a licensee of Cirrus Logic's PC modem patents. Cirrus Logic will work closely with Ambient to assure full customer support through the transition, and retain an equity position in the new venture.
''This action represents another milestone in our program to leverage our precision linear and advanced mixed-signal chip expertise, and sharpen our focus on high-margin chip solutions for the mass storage, audio and precision data conversion markets,'' said David D. French, president and COO of Cirrus Logic. French confirmed that the modem product line being acquired by Ambient accounted for about 6 percent of Cirrus Logic's consolidated revenue.
Cirrus Logic is a premier supplier of precision linear circuits and advanced mixed-signal system-level chip solutions, the latter of which demand high-performance mixed-signal processing, embedded DSP, algorithms and firmware. The company's products, sold under its own name and the Crystal product brand, enable high-volume applications in mass storage, communications, consumer electronics and industrial markets. Additional information about Cirrus Logic is available at cirrus.com.
|
