GlobalFoundries and IBM settle legal disputes, allowing collaboration opportunities while maintaining confidentiality of settlement details.
Quiver AI Summary
GlobalFoundries and IBM have announced a settlement of their ongoing lawsuits, which included claims related to breach of contract, trade secrets, and intellectual property. The resolution puts an end to the legal disputes, allowing both companies to explore new collaborative opportunities. Highlights from the announcement include expressions of satisfaction from both parties regarding the settlement, which signifies a positive step forward for their partnership in the semiconductor industry. The CEOs of both companies emphasized their commitment to focusing on future innovations to benefit their organizations and customers. The specific details of the settlement remain confidential.
Potential Positives
- The settlement with IBM resolves ongoing legal disputes, allowing GlobalFoundries to move forward without the burden of litigation.
- This resolution enables both companies to focus on future innovations and collaborative opportunities in the semiconductor industry.
- Expressing satisfaction with the outcome indicates a positive working relationship, potentially enhancing trust and partnership between GlobalFoundries and IBM.
Potential Negatives
- The confidential nature of the settlement raises concerns about possible undisclosed issues or terms that could affect stakeholder trust.
- The press release acknowledges ongoing legal disputes, suggesting potential weaknesses in the company's contractual and IP protections, which could impact future partnerships.
- The resolution of litigation may distract from the company's core mission and may indicate past operational or strategic missteps in its partnership with IBM.
FAQ
What was the outcome of the GlobalFoundries and IBM lawsuit?
GlobalFoundries and IBM reached a settlement that resolves all ongoing litigation matters, allowing for future collaboration.
What claims were included in the settlement?
The settlement includes breach of contract, trade secrets, and intellectual property claims between GlobalFoundries and IBM.
What do both companies expect after the settlement?
Both companies look forward to exploring new collaboration opportunities and focusing on future innovations for the semiconductor industry.
Who are the key executives quoted in the press release?
Dr. Thomas Caulfield, CEO of GlobalFoundries, and Arvind Krishna, Chairman and CEO of IBM, provided statements in the release.
What industries does GlobalFoundries serve?
GlobalFoundries serves various sectors including automotive, smart mobile devices, IoT, and communications infrastructure.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
MALTA, N.Y. and ARMONK, N.Y., Jan. 02, 2025 (GLOBE NEWSWIRE) -- GlobalFoundries (Nasdaq: GFS) (GF) and IBM (NYSE: IBM) today announced that the two companies have reached a settlement in their ongoing lawsuits, resolving all litigation matters, inclusive of breach of contract, trade secrets and intellectual property claims between the two companies. This settlement marks the end of an ongoing legal dispute and allows the companies to explore new opportunities for collaboration in areas of mutual interest.
The details of the settlement are confidential and both parties have expressed satisfaction with the outcome.
"We are pleased to have reached a positive resolution with IBM, and we look forward to new opportunities to build upon our long-standing partnership to further strengthen the semiconductor industry," said Dr. Thomas Caulfield, president and CEO of GF.
“Resolving these disputes is a significant step forward for our companies and will allow us to both focus on future innovations that will benefit our organizations and customers,” said Arvind Krishna, Chairman and CEO of IBM.
About GF
GlobalFoundries (GF) is a leading manufacturer of essential semiconductors the world relies on to live, work and connect. We innovate and partner with customers to deliver more power-efficient, high-performance products for the automotive, smart mobile devices, internet of things, communications infrastructure and other high-growth markets. With our global manufacturing footprint spanning the U.S., Europe, and Asia, GF is a trusted and reliable source for customers around the world. Every day, our talented and diverse team delivers results with an unyielding focus on security, longevity, and sustainability. For more information, visit www.gf.com .
©GlobalFoundries Inc., GF, GlobalFoundries, the GF logos and other GF marks are trademarks of GlobalFoundries Inc. or its subsidiaries. All other trademarks are the property of their respective owners.
Forward-looking Information
This news release may contain forward-looking statements, which involve risks and uncertainties. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. GF undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law.
About IBM
IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. More than 4,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM's hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM's breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM's long-standing commitment to trust, transparency, responsibility, inclusivity and service. Visit www.ibm.com for more information.
Media Contact:
Erica McGill
GlobalFoundries
[email protected]
Adam Pratt
IBM
[email protected]
