AMD Shareholders Opt for Manufacturing Spinoff

AMD Shareholders Opt for Manufacturing Spinoff

AMD hopes to unload its mounting debt with the approval of its shareholders to spin off manufaturing operations into a different IT company. Shareholders holding 50.26% of the company shares voted for the proposal, according to AMD spokesman.
AMD is the second largest global supplier of microprocessors and the third largest supplier of graphics processing units. Last October, the company declared it would shift focus to chip designs and move its manufacturing operations to The Foundary Co., a temporary company. With the move, AMD would still own 34.2% stake and the rest will be owned by Abu Dhabi government's investment firm, Advanced Technology Investment Company.



The new company will shoulder AMD's debt of $1.2  billion, abd will own two fo AMD's fabrication facilities  in Dresden, Germany. It will also aid AMD in designing chips to create more competitive products.