Creates Leader in Silicon-to-Systems Solutions for Storage, Networking and
MILPITAS, Calif., April 2 /PRNewswire-FirstCall/ -- LSI Logic Corporation
(NYSE: LSI) announced today that it has completed its merger with Agere
Systems Inc. (NYSE: AGR), effective April 2, and that it will rename the newly
merged company LSI Corporation. The company will continue to trade under the
stock symbol LSI on the New York Stock Exchange.
"Today's merger marks the creation of a new company that unites two of the
leading innovators in silicon-to-systems solutions," said Abhi Talwalkar, LSI
Logic president and chief executive officer. "Moving forward, our combined
scale and resources will strengthen our ability to create value for customers
and shareholders and win in our key markets."
The new LSI is uniquely positioned as a semiconductor and storage systems
leader with an unparalleled innovation pipeline and a broad array of
competitive, customer-valued products and solutions in large and growing
markets. Its well-established presence in the storage, networking and consumer
electronics markets should enable the company to drive sustainable long-term
growth and shareholder value through the strengthening of its platforms and
the expansion of its existing customer and partner relationships.
Talwalkar added, "In the months since our merger announcement, we have
developed detailed integration plans that should enable us to hit the ground
running today as a single organization with clear leadership and goals. We
have assembled a dynamic organization that blends the unique strengths of each
company and we are confident that we can achieve the synergies and growth that
we first outlined in December."
On December 4, 2006, LSI and Agere announced a definitive merger agreement
whereby Agere shareholders would receive 2.16 shares of LSI for each share of
Agere they own. Shareholders of both companies approved the merger at separate
meetings held on March 29.
The two companies had combined revenue of $3.5 billion for the 12 months
ended December 31, 2006. The new LSI operates in more than 20 countries, with
a workforce of approximately 9,100 employees, including nearly 4,300
engineers. The company owns a substantial patent portfolio consisting of more
than 10,000 issued and pending U.S. patents.
Cautionary Statement Regarding Forward-Looking Statements
This document contains forward-looking statements within the meaning of
the "safe harbor" provisions of the Private Securities Litigation Reform Act
of 1995. These statements are based on management's current expectations and
beliefs and are subject to a number of factors and uncertainties that could
cause actual results to differ materially from those described in the forward-
looking statements. The forward-looking statements contained in this document
may include statements about future financial and operating results; benefits
of the transaction to customers, shareholders and employees; potential
synergies and cost savings resulting from the transaction; the ability of the
combined company to drive growth and expand customer and partner relationships
and other statements regarding the post-merger company. These statements are
not guarantees of future performance, involve certain risks, uncertainties and
assumptions that are difficult to predict, and are based upon assumptions as
to future events that may not prove accurate. Therefore, actual outcomes and
results may differ materially from what is expressed herein. In any forward-
looking statement in which LSI expresses an expectation or belief as to future
results, such expectation or belief is expressed in good faith and believed to
have a reasonable basis, but there can be no assurance that the statement or
expectation or belief will result or be achieved or accomplished. The
following factors, among others, could cause actual results to differ
materially from those described in the forward-looking statements: the
challenges and costs of integrating, restructuring and achieving anticipated
synergies; the ability to retain key employees; and other economic, business,
competitive, and/or regulatory factors affecting the business of LSI
generally, including those set forth in the filings of LSI with the Securities
and Exchange Commission, especially in the "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of Operations"
sections of its annual report on Form 10-K and quarterly reports on Form 10-Q,
its current reports on Form 8-K, and other SEC filings. LSI is under no
obligation to (and expressly disclaims any such obligation to) update or alter
its forward-looking statements whether as a result of new information, future
events, or otherwise.
About LSI Logic
LSI Logic Corporation (NYSE: LSI) is a leading provider of innovative
silicon, systems and software technologies that enable products which
seamlessly bring people, information and digital content together. The company
offers a broad portfolio of capabilities and services including custom and
standard product ICs, adapters, systems and software that are trusted by the
world's best known brands to power leading solutions in the Storage,
Networking and Consumer markets. More information is available at www.lsi.com
1. All LSI Logic news releases (financial, acquisitions, manufacturing,
products, technology etc.) are issued exclusively by PR Newswire and are
immediately thereafter posted on the company's external website,
2. The LSI logo design is a registered trademark of LSI Logic Corporation.
3. All other brand or product names may be trademarks or registered
trademarks of their respective companies.
SOURCE LSI Logic Corporation
CONTACT: media, Bob Guenther, +1-610-712-1514, email@example.com,
or investors, Sujal Shah, +1-610-712-5471, firstname.lastname@example.org, both of LSI