Microchip Technology Sells Washington Plant

Despite $30 million sale of idled microchip manufacturing plant, the company will record a  $16.5 million loss for September.

CHANDLER, Ariz. (AP) — Microchip Technology Inc. said Tuesday it sold its idled microchip manufacturing plant in Puyallup, Wash., for $30 million.
The company said it will record a related loss of $16.5 million, or about 7 cents per share, in the September quarter.
Microchip completed the sale on Oct. 19 after the company received an unsolicited offer in September.
In 2002, the company announced it would move equipment from the Puyallup plant to other plants to save costs.
The company said it decided to sell the plant after a capacity analysis showed that it would not be required for many years.
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