Chip manufacturer Marvell Technology Group (Nasdaq: MRVL) has announced that it plans to substantially expand its R&D activities in Israel with the hiring of 100 engineers and R&D professionals. The company has already hired dozens of new employees over the last few months. Marvell’s R&D group in Israel includes Marvell Semiconductor Ltd., (formerly Galileo Technology Ltd.), which it acquired in a $2.5 billion share swap transaction, and Radlan Communications (formerly part of the Rad Group), which it acquired for $134.7 million.
Marvell currently employs 620 people in Israel, 25% of its global workforce. It has invested tens of millions of dollars in the Marvell Israel Semiconductor laboratories at Yokneam.
Marvell recently reported record results for the first quarter of fiscal 2007, which ended on April 29, 2006. The company’s first quarter revenue soared to $521.5 million, a 42.9% increase compared with the corresponding quarter in 2005. The results point to a continuation of the trend for the 34th consecutive quarter. Marvell also raised its revenue guidance for fiscal year 2007 from $2.25-2.30 billion, to $2.37-2.45 billion, as a result of the expectation of a further increase in the Wireless LAN market. Marvell currently has a market cap of $15 billion.
Marvell Semiconductor Israel VP and general manager Eliaz Lavi said, “The strong growth has had a substantial impact on R&D operations in Israel. We need a large number of excellent engineers and R&D professionals, since our R&D activity here provides the foundations for most of Marvell’s newer products, while maintaining a strong level of integration between our center and the group’s R&D operations in California and other countries.”
Published by Globes [online], Israel business news - www.globes.co.il - on June 11, 2006
© Copyright of Globes Publisher Itonut (1983) Ltd. 2006