IBM to pay Globalfoundries to take chip unit
IBM to pay Globalfoundries to take chip unit
IBM Corp said it would hive off its loss-making semiconductor unit to contract-chipmaker Globalfoundries Inc to focus on cloud computing, mobile and big data analytics.
IBM will pay Globalfoundries $1.5 billion in cash over the next three years to take the chip operations off its hands, the companies said in a statement on Monday.
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