Intel, STMicroelectronics and Francisco Partners

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New Company to deliver innovative, cost-effective non-volatile memory solutions.

STMicroelectronics, Intel and Francisco Partners announced they have entered into a definitive agreement to create a new independent semiconductor company from the key assets of businesses which last year generated approximately $3.6 billion in combined annual revenue. The new company's strategic focus will be on supplying flash memory solutions for a variety of consumer and industrial devices, including cellular phones, MP3 players, digital cameras, computers and other high-tech equipment.

The new company will combine key research and development, manufacturing and sales and marketing assets of Intel and STMicroelectronics into a streamlined worldwide structure with the scale to produce cost-effective and innovative non-volatile memory solutions. With STMicroelectronics and Intel contributing more than 40 years of combined experience in non-volatile memory technology development, including next-generation phase-change memory, the company will be well positioned to both

serve its customers with complete memory solutions and accelerate the move to future non-volatile memory technologies.

"The new company will be positioned to service customers with all of the elements necessary to deliver current and next-generation non-volatile memory technologies, while allowing ST to redefine its participation in flash memory," said STMicroelectronics President and CEO, and non-Executive Chairman designate of the new company, Carlo Bozottis.

"The new memory company will have the people, scale and technology leadership to meet the needs of customers requiring leading-edge products in this highly competitive marketplace," said Intel president and CEO, Paul Otellini.

"From the outset, the company will be a leading supplier of flash memory solutions for wireless communications," said Brian Harrison named to become the CEO of the new company at the close of the transaction and currently vice president and general manager of Intel's Flash Memory Group