MILPITAS, Calif., May 9, 2011 /PRNewswire-FirstCall/ -- LSI
Corporation (NYSE: LSI) today announced that it has completed the
sale of its external storage systems business to NetApp, Inc.
(NASDAQ: NTAP) for $480 million in
cash.
Under the terms of a definitive agreement announced on
March 9, 2011, NetApp has purchased
substantially all the assets of the LSI external storage systems
business, which develops and delivers Engenio® external storage
systems products and technology to a wide range of partners that
provide storage solutions to end customers.
Proceeds from the sale are expected to fund purchases of the
company's common stock under its previously announced $750 million stock repurchase program.
Forward-Looking Statements: This news release contains
forward-looking statements that are based on the current opinions
and estimates of management. These statements are subject to
certain risks and uncertainties that could cause actual results to
differ materially from those anticipated in the forward-looking
statements. Factors that could cause LSI's actual results to differ
materially from those set forth in the forward-looking statements
include, but are not limited to, our ability to repurchase our
common stock at prices we believe to be advantageous and general
industry and market conditions. For additional information, see the
documents filed by LSI with the Securities and Exchange Commission,
and specifically the risk factors set forth in the company's most
recent reports on Form 10-K and 10-Q. LSI disclaims any intention
or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
About LSI
LSI Corporation (NYSE: LSI) is a leading provider of innovative
silicon and software technologies that enable products which
seamlessly bring people, information and digital content together.
The company offers a broad portfolio of capabilities and services
including custom and standard product ICs, adapters and software
that are trusted by the world's best known brands to power leading
solutions in the Storage and Networking markets. More information
is available at www.lsi.com.
Editor's Notes:
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All other brand or product names may be trademarks or registered
trademarks of their respective companies.
SOURCE LSI Corporation