Cypress Launches China Business Unit in Shanghai
New Site Will Design and Market Programmable Chips For Local Consumer and Industrial Markets
SHANGHAI, China, December 12, 2007 - Cypress Semiconductor Corp. (NYSE: CY) today established a new China business operation that will serve as the centerpiece for its Asia design, manufacturing, sales and marketing operations. With the opening of the new office in Shanghai, China, Cypress also announced the relocation of Executive Vice President of Manufacturing and China Operations, Shahin Sharifzadeh, who moves from the U.S. to serve in the same capacity at the new site.
Cypress's sales in China are expected to triple over the next five years. Driving this growth is demand for Cypress's broad line of PSoC® mixed-signal array products, West Bridge(TM) multimedia peripheral controllers, USB chips and timing devices. Cypress's offerings are used in a wide array of consumer and industrial products including electric bicycles, white goods and handsets.
The new site will be the focal point of Cypress's China expansion, which has included the opening of sales and marketing offices in Hong Kong and Shenzhen in recent years and the ramp-up of device production at Grace Semiconductor Manufacturing Corp. (GSMC) in Shanghai.
"This new office underscores Cypress's continued commitment to China and the potential for significant market share growth driven by our growing portfolio of programmable solutions," said Sharifzadeh. "We intend to continue our growth and expansion here in line with the needs of the local market."
Cypress plans to double the size of its Chinese workforce in the coming years, with the majority of new employees in sales, design and operations. The company is also expected to add employees in technology and manufacturing to oversee its flexible fab operations.
About Cypress
Cypress delivers high-performance, mixed-signal, programmable solutions that provide customers with rapid time-to-market and exceptional system value." Cypress offerings include the PSoC® Programmable System-on-Chip(TM), USB controllers, general-purpose programmable clocks and memories. Cypress also offers wired and wireless connectivity solutions ranging from its WirelessUSB(TM) radio system-on-chip, to West Bridge(TM) and EZ-USB® FX2LP controllers that enhance connectivity and performance in multimedia handsets. Cypress serves numerous markets including consumer, computation, data communications, automotive, industrial, and solar power. Cypress trades on the NYSE under the ticker symbol CY. Visit Cypress online at www.cypress.com.
