Intel to spin off programmable solutions business into separate company

Investing.com -- Intel Corporation (NASDAQ: INTC) Corporation said Tuesday it plans to spin off its programmable solutions unit into a standalone business starting January next year.

The move will allow the PSG business to "fully accelerate" its growth and more effectively compete in the FPGA industry, which serves a broad range of markets with pre-fabricated chips, the company said.

Sandra Rivera, executive vice president at Intel, would assume leadership of PSG as chief executive officer, while Shannon Poulin has been named chief operating officer, the company added.

Intel rose more than 2% in aftermarket hours following the news.

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