IBM expected to unveil chip manufacturing deal Monday
Under pressure to boost margins, IBM is set to make what it calls a "major business announcement" Monday morning, an indication that it has finalized a deal to transfer chip-making operations to GlobalFoundries.
IBM announced Sunday that it would be issuing its quarterly earnings statement early Monday, moving it up from its previous schedule, timed for after the close of markets. The company said it would also separately make a business announcement.
IBM CEO Ginni Rometty is looking for ways to increase margins as revenue growth slows while it transitions to new technology and services offerings. One way to do this is to shed less profitable parts of the business. The company's chip manufacturing operations in East Fishkill, New York, is one of them.
