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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) November 24, 1998
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ADAPTEC, INC.
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(Exact name of registrant as specified in its charter)
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<C> <S> <C>
DELAWARE 0-15071 94-2748530
(State of Incorporation) (Commission File (I.R.S. Employer
Number) Identification No.)
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691 S. MILPITAS BLVD., MILPITAS, CALIFORNIA 95035
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (408) 945-8600
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N/A
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(Former name, former address and former fiscal year, if
changed since last report)
This document consists of 3 pages, excluding exhibits, of which this is page 1.
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ITEM 5. OTHER EVENTS
In a press release dated November 24, 1998, Adaptec, Inc. announced
an agreement to sell its Peripheral Technology Solutions (PTS) group
to STMicroelectronics, Inc. (formerly SGS-Thompson Microelectronics)
for appoximately $73 million in cash. The information contained in
said press release is incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99.1 Text of Press Release dated November 24, 1998.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: November 24, 1998 ADAPTEC, INC.
By: \s\ANDREW J. BROWN
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Andrew J. Brown, Vice-President
and Chief Financial Officer
(Principal Accounting Officer)
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INDEX TO EXHIBITS
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EXHIBIT Description
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99.1 Text of Press Release dated November 24, 1998
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NEWS RELEASE
ADAPTEC SELLS SEMICONDUCTOR GROUP TO STMICROELECTRONICS
MILPITAS, CA--November 24, 1998--Adaptec, Inc. today announced an agreement to
sell its Peripheral Technology Solutions (PTS) group to STMicroelectronics, Inc.
(formerly SGS-Thomson Microelectronics) for approximately $73 million in cash.
PTS is Adaptec's drive electronics group, responsible for the design of
semiconductors, primarily sold to disk drive manufacturers.
Adaptec interim CEO Larry Boucher said: "We think this is great development for
Adaptec; one that will not only serve our strategy going forward, but also one
that will protect the interests of customers who have been so loyal to us for so
long. As a leading worldwide semiconductor company, STMicroelectronics has the
scale to win in this marketplace. Our transferred employees will be working in
an environment far better positioned to succeed, and we believe
STMicroelectronics will greatly benefit by Adaptec expertise and an enhanced
U.S. presence in disk controllers."
"This is another major step in a reorganization effort that we began in August,"
Mr. Boucher continued. "With this transaction in place, Adaptec is now focused
on its strategic business of connecting computers and servers to peripherals.
Our renewed concentration on what we do best means we are in a strong
competitive position for years to come. We recently announced a deal with Dell
Computing for our 64-bit RAID business and at COMDEX we were the first in the
industry to demonstrate Ultra160m SCSI. This I/O technology leadership is what
you achieve when you focus your energies and talents."
Aldo Romano, corporate vice-president for STMicroelectronics said, "This
acquisition is a very good fit for ST and for PTS. PTS has designed the highest
performance disk controller integrated circuits on the market today. This is due
to their underlying design know-how and their hardware/software architecture
expertise. In addition to the strong controller design team, PTS has brought
together a very talented group of designers in CMOS read channel product design.
We look forward to having the highly professional PTS team join ST. Thanks to
the combined know-how and ST's leading edge technology we are now in a position
to make another step forward in the direction of superintegration of the
read-write channel and disk controller."
The deal is expected to close in January of 1999, subject to regulatory and
other contractual closing conditions.
About Adaptec
Adaptec provides bandwidth management technologies for organizations building
the global information infrastructure. Its high-performance I/O, connectivity
and software products are incorporated into the systems and products of major
computer and peripheral manufacturers. Founded in 1981 and headquartered in
Milpitas, Calif., Adaptec (NASDAQ: ADPT) employs people worldwide in design,
manufacturing, sales, service and distribution. Adaptec's home page is
http://www.adaptec.com.
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Contacts:
Bruce Frymire, Director, Corporate Communications for Adaptec, Inc.
408-957-4893 or [email protected]
Michele Katz, Morgen-Walke Associates for STMicroelectronics, Inc.
212-850-5629 or [email protected]
