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Avago Technologies Begins Operations as World's Largest
Privately Held Independent Semiconductor Company
Separation of Semiconductor Products Group From Agilent
Technologies Now Complete
SAN JOSE, Calif., December 1, 2005 –
Avago Technologies today announced it has started operations
as the world's largest privately held independent semiconductor
company. Avago was created as a result of the acquisition of
Agilent Technologies Inc.'s (NYSE:A) Semiconductor Products
Group by Kohlberg Kravis Roberts & Co. (KKR) and Silver
Lake Partners in a $2.66 billion transaction announced Aug.
15, 2005, and completed today.
"Our strategy is to leverage our substantial intellectual
property, design expertise and system-level knowledge to win
in our markets," said Dick Chang, president and CEO of
Avago Technologies. "We'll continue to provide the innovative
products that enable our customers and that have established
our market leadership positions. We'll also continue to drive
profitability through a highly variable, low-cost operating
model, and we'll capitalize on our new independence by developing
an efficient, stand-alone cost structure."
James H. Greene Jr., a partner at KKR and an Avago board member,
said, "This is a momentous day for Avago Technologies.
We believe its strong history of innovation, many leadership
positions, world-class global supply chain and excellent reputation
for outstanding customer service to the world's leading OEMs
will produce solid revenue growth and returns."
John R. Joyce, a managing director of Silver Lake and an Avago
board member, said, "Avago Technologies is a customer-focused
semiconductor company with great potential for growth. Given
its strong intellectual property foundation of more than 2,000
patents, global scale, talented management team, dedicated employees
and cost efficient operating structure, Avago is already well
on its way to becoming a true semiconductor powerhouse. We look
forward to continuing to work closely with the Avago team to
further enhance and extend Avago's leadership in the semiconductor
arena."
Avago Technologies (pronounced, a-va'-go) has an extensive portfolio
of more than 5,500 products, which are sold into a broad set
of applications and end markets, including wireless and wired
communications, industrial, automotive, consumer electronics
and storage and computing. The company maintains "top three"
market leadership positions in optocouplers, infrared transceivers,
optical communications, printer ASICs, optical mouse sensors,
and motion control encoders. Avago products are sold to more
than 40,000 customers through both a worldwide distributor network
and direct sales force.
Avago Technologies is co-headquartered in San Jose, Calif.,
and Singapore, and begins operations with 6,500 employees of
which 1,000 are analog design engineers. Avago differentiates
its business through effective supply chain management, strong
worldwide distribution channels and a highly variable, low-cost
operating model. The company has over 35 years of operating
history in Asia, where approximately three-quarters of Avago
employees are located and where a significant portion of its
products are produced. Avago's presence in Asia places it in
close proximity to many of its customers and to the center of
the worldwide electronics supply chain. Avago maintains highly
collaborative design and product development engineering resources
around the world, including five design centers in Asia, four
in the United States and two in Europe.
About Avago Technologies
Avago Technologies is the world's largest privately held independent
semiconductor company, with 6,500 employees and net revenue
of $1.8 billion in fiscal 2005. Avago provides an extensive
range of analog, mixed-signal and optoelectronic components
and subsystems to more than 40,000 customers worldwide. The
company serves three primary product categories comprising optoelectronics,
RF/microwave components and enterprise ASICs, and is recognized
for providing innovative, high-quality products along with strong
customer service and the industry's best on-time delivery. Avago's
heritage of technical innovation dates back 40 years to its
Agilent/Hewlett-Packard roots. Information about Avago is available
on the Web at www.avagotech.com.
Avago, Avago Technologies, and the A logo are trademarks of
Avago Technologies, Pte. in the United States and other countries.
CONTACTS:
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