Marvell CEO Dr. Sehat Sutardja and VP Weili Dai will officially announce the investment at a meeting with President Peres.
Marvell Technology Group (Nasdaq: MRVL) co-founders, chairman and CEO Dr. Sehat Sutardja and his wife, VP Weili Dai will tell President Shimon Peres that the company will invest $200 million in the coming year in its Israeli development center. Marvell's Israeli development center has 1,200 employees, and it is the company's largest center outside the US. Marvell has 5,800 employees altogether.
Although Marvell has $3 billion in cash, Sutardja says that acquisitions are not necessarily on the agenda. He told "Globes", "You're invited to propose suitable companies for us. The truth is that we bought most of the technologies we wanted years ago, including storage technologies. I tell anyone who asks me about a particular technology, 'What do you know? We did that long ago'."
Marvell has acquired three Israeli companies including Galileo Technologies Ltd. in 2001 for $2.7 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on May 22, 2011
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