“Advanced Micro Devices Inc plans to sell and lease back its Austin, Texas campus to raise cash and fund its chipmaking business as it diversifies beyond the troubled PC industry into new markets,” Noel Randewich reports for Reuters.
“AMD expects to sell the 58-acre site for between $150 million and $200 million and close a deal in the second quarter, company spokesman Drew Prairie told Reuters on Tuesday,” Randewich reports. “The chipmaker’s move to sell its campus, reported earlier by the Austin American-Statesman, comes as it and larger rival Intel Corp struggle with slowing personal computer sales.”
Randewich reports, “AMD’s headquarters in Sunnyvale, California and a building near Toronto were sold and leased back in the past, Prairie said. The growing popularity of Apple’s iPad and other tablets have sapped demand for PCs, and with economic growth slowing in China and struggling in Europe and the United States, global shipments are expected to decline slightly this year, the first annual drop since 2001.”
Read more in the full article here.
MacDailyNews Take: Beleaguered.
Also of interest, Apple currently generates more revenue than AMD hopes to gain from the sale of their 58-acre Austin, Texas campus every eight hours*.
*Not a typo. Three times daily. Every single day.
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