LSI to sell storage business

November 17, 2003 – LSI Logic, Milpitas, CA, plans to spin its storage systems business into an independent storage systems company, separate from its semiconductor business. The new company, based upon LSI’s wholly-owned subsidiary, LSI Logic Storage Systems Inc., will be led by current president Tom Georgens, with customers including IBM, StorageTek, NCR’s Teradata division, and SGI. An IPO is tentatively planned for 1H04 for the new company, which in 3Q03 reported revenues of $104 million.


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