S&P: LSI Logic unchanged

Standard & Poor's said its ratings on LSI Logic Corp. (BB-/stable) are not affected by the company's announcement of a definitive agreement to sell its Gresham, Oregon-based manufacturing facility to ON Semiconductor Corp. for $105 million cash.

The agency noted that LSI has committed to a minimum purchase of manufacturing services from ON for two years and ON will offer to provide certain manufacturing services to LSI for an additional two years, as LSI transfers all of its wafer processing needs to its foundry partners.

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