(Source: Associated Press/AP Online)
SAN FRANCISCO - Advanced Micro Devices Inc. will announce Tuesday it is spinning off its manufacturing operations as part of a sweeping plan to cut cuts, The Wall Street Journal reported.
Sunnyvale-based AMD said it will make a "significant corporate announcement" and hold a conference call with industry analyst Tuesday hosted by Chief Executive Dirk Meyer. It did not give details on the announcement.
The Journal, citing people familiar with the matter, said the chip maker will say it is spinning off its manufacturing operations into a new joint venture that will make chips for AMD, as well as other companies.
With funding from investment groups associated with the government of Abu Dhabi, the new venture will take over AMD manufacturing facilities, including large plants in Germany, the Journal reported.
Last year, the Abu Dhabi government's investment arm, the Mubadala Development Co., took an 8.1 percent stake in AMD.
