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Electronics Production | February 15, 2005

Cypress to Sell MRAM Subsidiary

Cypress Semiconductor Corp. today announced its intention to divest Silicon Magnetic Systems (SMS), a subsidiary company founded to commercialize Magnetic Random Access Memories (MRAMs).
Cypress CEO T.J. Rodgers said, “After a three year effort, Cypress sampled fully functional MRAMs to seven key OEM customers in January. Three of those customers are still in the validation phase of their assessment and four of them have already confirmed with us that they have found the product fully functional, as we announced in our quarterly earnings conference call on January 27.”

Rodgers continued, “It is seemingly contradictory that we would sell the MRAM business at its moment of first success. The fact is that a series of events and discoveries has led to our conclusion that this move is best for Cypress’s shareholders.”

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