Spansion Japan bites the dust

Posted on Tuesday, February 10 2009 @ 20:55 CET by Thomas De Maesschalck
Forbes reports the Japanese business unit of flash memory maker Spansion has filed for bankruptcy protection, with total liabilities of $810 million. The chip firm was severely hit by sharp price drops and weak market demand.
U.S.-based Spansion Inc, the world's third-biggest flash memory maker, said the Japanese unit's filing does not 'materially' affect its global operations.

It added that the unit had sufficient cash on hand to meet its short-term working capital needs.

'We intend for Spansion Japan to continue to operate throughout the restructuring period,' Spansion Inc President and CEO John Kispert said in a statement.

Spansion Inc, owned 11.4 percent by Fujitsu Ltd and 8.7 percent by Advanced Micro Devices, is the world's biggest maker of NOR-type flash memory with a market share of about 40 percent.


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Thomas De Maesschalck

Thomas has been messing with computer since early childhood and firmly believes the Internet is the best thing since sliced bread. Enjoys playing with new tech, is fascinated by science, and passionate about financial markets. When not behind a computer, he can be found with running shoes on or lifting heavy weights in the weight room.



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