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IBM to pay $1.5B to shed its costly chip division

7:03 AM 0

NEW YORK, N.Y. - IBM will pay $1.5 billion to Globalfoundries in order to shed its costly chip division.

IBM Director of Research John E. Kelly III said in an interview Monday that handing over control of the semiconductor operations will ......

FILE - In this Tuesday, July 16, 2013, file photo, an IBM logo is displayed in Berlin, Vt. IBM is paying $1.5 billion to Globalfoundries in order to shed its costly chip division. IBM will make payments to the chipmaker over three years, but it will take a $4.7 billion charge in the third quarter when it reports results, Monday, Oct. 20, 2014. (AP Photo/Toby Talbot, File) Show/Hide caption

FILE - In this Tuesday, July 16, 2013, file photo, an IBM logo is displayed in Berlin, Vt. IBM is paying $1.5 billion to Globalfoundries in order to shed its costly chip division. IBM will make payments to the chipmaker over three years, but it will take a $4.7 billion charge in the third quarter when it reports results, Monday, Oct. 20, 2014. (AP Photo/Toby Talbot, File)

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