NEW DELHI: LSI Logic Corporation announced today that it has completed its merger with Agere Systems Inc. effective April 2, and said 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."
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.”
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.
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