AMCC buys IBM chip line for $47 million
Posted on: Monday, 29 September 2003, 06:00 CDT
SAN DIEGO (AP) -- Applied Micro Circuits Corp. Monday said it pay $47 million to buy a line of chips for networking gear from IBM Corp.
San Diego-based chip maker AMCC said the acquisition of the PowerPRS Switch Fabric will expand its offering of switching chips, which route data in a network.
Armonk, New York-based IBM will continue to manufacture the chips for AMCC.
AMCC reported revenue of $101.6 million for the year ended March 31.
Shares of AMCC closed Monday up 31 cents, or 6.4 percent, at $5.16 on the Nasdaq Stock Market.
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