The clock is ticking for Advanced Micro Devices.

As part of AMD's efforts to recover from the damaging delay of its Barcelona quad-core processor in 2007, the chip maker wants to spin off its two manufacturing plants, called fabs, as part of a strategy called asset light. The move will turn AMD into a fabless chip maker, reliant on contract chip makers to produce all of its chips but no longer saddled with the massive capital expenditures and R&D programs required to keep pace with advances in semiconductor technology.

Spinning off the manufacturing division would also give AMD, which is burdened with US$5 billion in long-term debt, a badly needed infusion of cash. AMD executives hope this strategy will turn the company into a more formidable competitor for Intel.

There's just one problem: AMD hasn't found a buyer.

AMD has two plants, Fab 36 and Fab 38, both located in Dresden, Germany. The newer plant, Fab 36, makes chips using 300-millimeter wafers.........


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