Thursday, November 13, 2003
LSI Logic said it will spin off its storage systems operations from its mainstream semiconductor business to create an independent storage systems company.
LSI Logic Storage Systems Inc., a wholly-owned subsidiary, is currently reported as a separate segment in LSI Logic's financial statements.
"Our plan is to create an independent storage systems company that unlocks the value and potential of our storage systems business," LSI Logic CEO said in a statement.
LSI Logic Storage Systems Inc.'s revenues for the third quarter totaled $104 million, or 23 percent of the $450 million reported by LSI Logic Corp. LSI Logic said it is considering an initial public offering for the storage systems company in the first half of 2004, depending on market conditions then.
By: DocMemory
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