San Jose, CA--To enhance the strategic positioning and value of its operations for its stockholders, customers and employees, Tessera Technologies (Nasdaq: TSRA) announced two new corporate initiatives: the creation of a new semiconductor group that goes beyond packaging, and a possible Imaging & Optics group spin-off.
Tessera announced the formation of a new group charged with developing, acquiring and monetizing semiconductor technologies beyond packaging, to be led by Simon McElrea. The group, which will be responsible for an initial portfolio of approximately 280 patents and patent applications, will consist of approximately 40 current employees located in San Jose. Their focus will be on circuitry design, memory modules, 3-D architecture, and advanced interconnect technologies, among other areas.
"We believe the creation of this new group under Simon's leadership will help drive long term growth," said Henry R. Nothhaft, chairman and chief executive officer, Tessera. "Simon brings a wealth of technical and business development experience to this new role, and we believe his expertise will be an important contributing factor to the success of our Micro-electronics business."
Tessera also announced that it is exploring a possible separation of its Imaging & Optics business. As part of this initiative, Tessera has retained GCA Savvian Advisors, LLC as its financial advisor to assist in the evaluation of multiple alternatives, including, among others, a spin-off transaction.
"Our Imaging & Optics business has had a successful start. We believe under the leadership of its new president, Bob Roohparvar, it may grow more quickly and better serve its customers as a stand-alone entity, and we have begun the work of exploring alternative means to that end," added Nothhaft.
Tessera has not set a definitive timetable for completing its exploration of alternatives for the Imaging & Optics business and there can be no assurance that the process will result in any transaction. The company does not expect to make further public comment regarding these matters unless a definitive agreement or other commitment for any transaction is reached.
SOURCE: Tessera Technologies; www.tessera.com/abouttessera/pressroom/Pages/newsreleases.aspx?releaseId=562671