Qualcomm plans spinoff of semiconductor arm

Tuesday July 25 by Claudia bourneCNET
Qualcomm filed with the Securities and Exchange Commission to sell stock in a subsidiary that manufactures semiconductors and software for wireless voice and data communications products. The San Diego-based company will follow up the stock sale by distributing its remaining shares in the chip unit to Qualcomm shareholders, according to a registration statement filed with the SEC. The parent company expects the distribution to take place by August 2001. Qualcomm developed wireless technology, known as code division multiple access (CDMA), that is used by 57 million people worldwide. The company announced last week that chip shipments could decline 20 percent in the fiscal fourth quarter because of plunging demand in South Korea, its biggest market.

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