Monday, May 24, 2010

Microchip Sells SST's NAND Drive Assets

Chandler, Arizona-based Microchip Technology said this morning that it has sold certain assets of its Silicon Storage Technology (SST) subsidiary. Microchip said it sold its NAND Drive, NAND controller, smart card IC, combo memory, concurrent superflash, small sector flash, and other programmable flash memory product lines to Greenliant Systems Ltd.. Greenliant is a new firm founded by Mr. Bing Yeh, former Chairman and CEO of SST. Financial terms of the sale were not disclosed. Microchip said that around 100 employees--or around 18 percent of SST--will be transferred to Greenliant as part of the sale. The company said the sale was part of a restructuring of SST, to sell "non-core" assets. Microchip acquired SST in April.