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Philips buys IBM plant
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June 21, 2000: 8:34 a.m. ET
Dutch firm's purchase is part of $2B semiconductor capacity expansion
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NEW YORK (CNNfn) - Philips Semiconductors, an affiliate of Philips Electronics, said Wednesday it has agreed to purchase an IBM silicon wafer plant for an undisclosed sum.
Philips said it is acquiring IBM's MiCRUS Semiconductor operation in East Fishkill, N.Y., which produces up to 250,000 wafers per year, as part of an ongoing effort to increase its semiconductor manufacturing capacity.
With the acquisition of this new plant, Philips will have spent more than $2 billion on wholly owned or joint venture fabrication plants in the U.S. and several other countries. Philips Semiconductors said it will have six fully operational 8" wafer fabrication plants by the end of 2000.
The plant, which employs about 950 workers, originally was a joint venture of IBM (IBM: Research, Estimates) and Cirrus Logic and later was purchased by IBM. Philips Semiconductors said no reductions in the workforce are planned. 
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