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Intel Sells Optical Components Biz for $115M

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SANTA CLARA, Calif., Sept. 12, 2006 -- Intel Corp. announced yesterday it has sold its optical network components business to Cortina Systems Inc. for approximately $115 million. The transaction closed on Friday after completing regulatory review. The sale comes a week after Intel announced a major restructuring that will result in a loss of about 10 percent of its work force, or 10,500 jobs, through layoffs, attrition and selling underperforming business units. The sale to Cortina gives Intel a minority stake in that business and included an undisclosed amount of cash. Intel said the sale will help the company focus on...Read full article

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