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LSI Completes Agere Merger

MILPITAS, Calif. -- LSI Logic Corporation (NYSE: LSI - News) announced today that it has completed its merger with Agere Systems Inc. (NYSE: AGR - News), effective April 2, and that it will rename the newly merged company LSI Corporation. The company will continue to trade under the stock symbol LSI on the New York Stock Exchange.

"Today's merger marks the creation of a new company that unites two of the leading innovators in silicon-to-systems solutions," said Abhi Talwalkar, LSI Logic president and chief executive officer. "Moving forward, our combined scale and resources will strengthen our ability to create value for customers and shareholders and win in our key markets."

The new LSI is uniquely positioned as a semiconductor and storage systems leader with an unparalleled innovation pipeline and a broad array of competitive, customer-valued products and solutions in large and growing markets. Its well-established presence in the storage, networking and consumer electronics markets should enable the company to drive sustainable long-term growth and shareholder value through the strengthening of its platforms and the expansion of its existing customer and partner relationships.

Talwalkar added, "In the months since our merger announcement, we have developed detailed integration plans that should enable us to hit the ground running today as a single organization with clear leadership and goals. We have assembled a dynamic organization that blends the unique strengths of each company and we are confident that we can achieve the synergies and growth that we first outlined in December."

LSI Logic Corp.