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Spansion Japan bites the dust

Posted on Tuesday, February 10 2009 @ 20:55:55 CET by


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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