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Aerospace and Defense

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    AMD says closes plant spin-off deal

    LOS ANGELES
    Mon Mar 2, 2009 6:23pm EST

    Stocks

       

    LOS ANGELES (Reuters) - Advanced Micro Devices Inc (AMD.N) closed a deal to spin off its manufacturing operations on Monday, and said it expects the new company to assume responsibility for paying off about $1.1 billion of debt.

    The plants which make AMD's chips are now part of a $5 billion joint venture with Advanced Technology Investment Co, of Abu Dhabi, temporarily called The Foundry Co.

    AMD, a distant runner-up to Intel Corp (INTC.O) in the microprocessor business, won approval from shareholders last month for the spinoff.

    AMD shares rose marginally in after-hours trade after sliding nearly 8 percent to $2.01 on Nasdaq in regular trading as the broader market tumbled.

    (Reporting by Edwin Chan; editing by Richard Chang)


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