"Today's announcement is a further step in our aggressive transformation plan to enhance Atmel's competitive position and unlock the value inherent in Atmel for our stockholders," said Steven Laub, Atmel's President and Chief Executive Officer. "Atmel continues to increase its focus on and investment in its high-growth, high margin proprietary product lines. We have already divested or shut down 14 non-core product lines, while consolidating or streamlining others. In addition, we have divested or closed three wafer fabrication facilities as we implement our fab-light strategy. We look forward to continuing to build on this momentum."
As part of the agreement between TSH(UK) and Atmel, approximately 260 Atmel employees directly associated with fab operations and other support functions are now part of TSH(UK).
About Atmel
Atmel is a worldwide leader in the design and manufacture of microcontrollers, advanced logic, mixed-signal, nonvolatile memory and radio frequency (RF) components. Leveraging one of the industry's broadest intellectual property (IP) technology portfolios, Atmel provides the electronics industry with complete system solutions focused on consumer, industrial, security, communications, computing and automotive markets.
Safe Harbor for Forward-Looking Statements
Information in this release regarding Atmel's forecasts, outlook, expectations and beliefs are forward-looking statements that involve risks and uncertainties. These statements include statements about Atmel's transformation plan, product focus and investment, and strategies. All forward-looking statements included in this release are based upon information available to Atmel as of the date of this release, which may change, and we assume no obligation to update any such forward-looking statements. These statements are not guarantees of future performance and actual results could differ materially from our current expectations. Factors that could cause or contribute to such differences include general economic conditions; the inability to realize the anticipated benefits of our recent strategic transactions, restructuring plans and other initiatives in a timely manner or at all; unanticipated costs and expenses or the inability to identify expenses which can be eliminated; difficulties encountered in connection with the divestiture; and other risks detailed from time to time in Atmel's SEC reports and filings, including our Form 10-K for the year ended December 31, 2007, filed on February 29, 2008, and our subsequent Form 10-Q reports.
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