PMC-Sierra, Inc. Announces Acquisition of Abrizio Inc.BURNABY, British Columbia--(BUSINESS WIRE)--Aug. 24, 1999-- PMC-Sierra (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :PMCS) today announced they will acquire Abrizio Inc., a privately held, fabless semiconductor company A fabless semiconductor company specializes in the design and sale of hardware devices implemented on semiconductor chips. It achieves an advantage by outsourcing the fabrication of the devices to a specialized semiconductor manufacturer called a semiconductor foundry or "fab. for approximately US$400 million or 4,352,000 shares in PMC-Sierra stock. The transaction will be accounted as a pooling-of-interests. Abrizio, located in Mountain View, California For the census-designated place, see Mountain View, Contra Costa County, California. For other places called "Mountain View", see . Mountain View is a city in Santa Clara County, in the U.S. state of California. The city gets its name from the views of the Santa Cruz Mountains. , specializes in broadband switch chip fabrics used in core ATM switches, digital cross-connects, and terabit routers. The systems using Abrizio's scalable switch fabric chipset are designed to support POS (1) See point of sale and packet over SONET. (2) "Parent over shoulder." See digispeak. POS - point of sale , ATM, Frame Relay, voice, and IP traffic. The Abrizio TT1 chipset has been well received by the marketplace having been designed into several Tier 1 broadband customers' mainstream systems. Anders Swahn, Abrizio's president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , will report directly to PMC-Sierra president and CEO, Bob Bailey. "PMC-Sierra management is very excited to have such a talented and enthusiastic team join forces with our company," said Bailey. "The combined strengths of PMC-Sierra and Abrizio will give our customers a compellingly comprehensive solution to their broadband silicon requirements. This acquisition is designed to further enhance PMC-Sierra's position in the sweet spot of the semiconductor market -- broadband infrastructure," Bailey concluded. "We are looking forward to joining a world-class organization like PMC-Sierra," said Swahn. "Strategically, it is an excellent fit as our companies have very complementary technology, products and customers." About PMC-Sierra PMC-Sierra is a leading provider of high speed internetworking component solutions emphasizing ATM, Ethernet, SONET/SDH, T1/E1 and T3/E3 applications. The company's quality system is registered with the Quality Management Institute to the ISO 9001 standard. As co-founder of the SATURN Development Group The SATURN Development Group was an important industry forum that enabled the specification of chip-to-chip interfaces for the communications industry. It was co-founded in 1992 by PMC-Sierra and Sun Microsystems. , PMC-Sierra works with over 30 other member companies to define and develop interoperable, standard-compliant solutions for high speed networking applications. The company is headquartered in Burnaby, British Columbia “Burnaby” redirects here. For persons sharing this surname, see Burnaby (surname). Burnaby, British Columbia, Canada, is the city immediately east of Vancouver. and is publicly traded on NASDAQ under the symbol "PMCS". PMC-Sierra offers worldwide technical and sales support and has design centers located throughout North America. For more information about PMC-Sierra, visit http://www.pmc-sierra.com. |
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