My Way News - AMD to spin off factories in bid to save money: "chip maker Advanced Micro Devices Inc. (AMD) (AMD) said Tuesday it will spin off its factories into a new joint venture with investors in the Persian Gulf state of Abu Dhabi.
The deal should shore up AMD's finances and let it focus on the design and development of computer chips. The new venture, to be based in the U.S. and called Foundry Co., will absorb AMD's manufacturing plants, including two in Dresden, Germany.
In conjunction with the spin off, Abu Dhabi's investment arm, Mubadala Development Co., will invest $314 million to more than double its current stake in AMD to 19.3 percent from 8.1 percent."
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