WASHINGTON – International Business Machines Corp’s attempt to sell its slumping chip manufacturing business to Globalfoundries Inc deteriorated when the two companies failed to agree on a price, Bloomberg reported on Friday.
The breakdown in talks between the two companies marks a setback for IBM, which has been trying to divest its chip making business to focus instead on chip research and design. [eap_ad_1] IBM rejected Globalfoundries’ offer because it was too low, Bloomberg reported, citing people familiar with the matter.
Earlier this month, the company announced a $3 billion investment in chip research and development over the next five years. (Reuters)