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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: LastShadow who wrote (8467)4/24/1998 5:49:00 PM
From: AlienTech  Read Replies (2) of 120523
 
NSM after TXN and INTC..

National Semi to buy closely held ComCore for $122 million in cash
Friday, April 24, 1998

By Duncan Martell/Bloomberg

National Semiconductor Corp. agreed to buy closely held ComCore Semiconductor for about $122 million in cash as it struggles to deliver technology that lets a single chip do more.

ComCore makes advanced chips known as digital signal processors that help convert sound and light into computer language to power cell phones, microwave ovens and other devices. National Semiconductor will take a charge of $85 million to $95 million for the purchase in the fiscal fourth quarter ending May 31.

National Semiconductor is trying to put more functions on a single computer chip, as falling prices for simpler processors eat into its profit. Chairman and Chief Executive Brian Halla has been on an acquisition spree to further that strategy since coming to National Semiconductor two years ago.

''This acquisition will enable us to maintain a technology edge in today's market,'' Robert Penn, general manager of National's communications and consumer group, said in a statement.

The company said Wednesday that it will eliminate about 1,400 jobs, or some 10 percent of its workforce, to reduce costs in the face of slowing demand and price cuts.

Santa Clara, Calif.-based National Semiconductor expects the purchase of Calabasas, Calif.-based ComCore to close by the end of the fourth quarter.
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