"This transaction demonstrates our commitment to reshape Cypress and improve gross margin, in line with our long-term financial model," said
"In addition to looking at a potential deal's impact on Cypress' bottom line, we set out to ensure uninterrupted supply for our customers," continued El-Khoury. "This agreement allows Cypress to maintain uninterrupted wafer supply for our products manufactured at the fab, with no disruptions for our customers, and it gives our former employees in
"Given the proven history of efficiency at Fab 4, the expertise and dedication of its workforce and its established success in delivering specialized wafers on time to a diverse customer base, the SkyWater management team sees a strong foundation for growing a standalone business," said Dr.
Founded in 1982, Cypress is the leader in advanced embedded system solutions for the world's most innovative automotive, industrial, home automation and appliances, consumer electronics and medical products. Cypress' programmable systems-on-chip, general-purpose microcontrollers, analog ICs, wireless and USB-based connectivity solutions and reliable, high-performance memories help engineers design differentiated products and get them to market first. Cypress is committed to providing customers with the best support and engineering resources on the planet, enabling innovators and out-of-the-box thinkers to disrupt markets and create new product categories in record time. To learn more, go to www.cypress.com.
Cautionary Information Regarding Forward-Looking Statements
This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, as amended, based on our current expectations, estimates and projections about our operations, industry, financial condition, performance, results of operations, and liquidity. Statements containing words such as "may," "believe," "anticipate," "expect," "intend," "plan," "project," "projections," "business outlook," "estimate," or similar expressions constitute forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding our: future financial performance, results, gross margins and cost structure; manufacturing operations; ability to pay down our debt; and strategic initiatives. Potential factors that could cause actual results to differ materially from those in the forward-looking statements include, among others: our inability to maintain or increase our revenues; risks associated with the divestiture of certain of our manufacturing facilities, including potential problems associated with our operations, systems, technologies, or supply chain; our inability to maintain or increase our customer base; our inability to execute on our gross margin improvement plan; as well as the risk factors disclosed in our filings with the
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