LFoundry stated in its release "Joint Venture aimed to control Avezzano’s site has been formed. The shares are equally divided (50-50) between LFoundry Europe and Marsica Innovation SpA, the company owned by the Italian management. Moreover, the Avezzano management plays important positions within LFoundry’s executive board: Sergio Galbiati is the Co-CEO, while Richard Martorelli is the COO. The transaction is consistent with what was announced on 6 May with the signing of the “agreement” containing information about the new organization and business opportunities of Avezzano site. The company called Marsica Innovation is the vehicle for the acquisition of 50% of Marsica Innovation & Technology srl. The “agreement” has been signed by the Ministry, the social parties and all the main local stakeholders. "
LFoundry says Marsica Innovation spa, through the Italian management, plays an important role in controlling the future of the plant.
"I'm happy entering into the Joint Venture", said Guenther Ernst, LFoundry CEO and COO. "I'm convinced that this is the right direction to develop further LFoundry and Avezzano site".
"This is a very important step in the transition to what Avezzano site can still represent for the territory, "said Sergio Galbiati, president of LFoundry Marsica and Co-CEO of LFoundry. LFoundry can be a huge opportunity for all of us and for the semiconductors market in Italy and Europe. Is up to us exploit the opportunities, with our hard work, commitment and intelligence"
Recently Micron and LFoundry signed a binding agreement for the acquisition of Avezzano site and related assets by LFoundry.