Anne Wojcicki's nonprofit gets court approval to buy 23andMe for $305 million
That means Wojcicki's nonprofit TTAM Research Institute will purchase 'substantially all' of San Francisco-based 23andMe's assets for $305 million. The transaction — which arrives more than three months after 23andMe filed for Chapter 11 bankruptcy — is set to officially close in the coming weeks.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Miami Herald
36 minutes ago
- Miami Herald
Major national food company files for Chapter 11 bankruptcy
Rising inflation, increased interest rates, and changing consumer attitudes toward spending have led national food processing companies over the last two years to reevaluate their operations and shut down manufacturing plants to restructure their businesses and reduce expenses. Tyson Foods in 2023 shut down eight poultry plants located in Arkansas, Florida, Indiana, Missouri, South Carolina, and Virginia. Don't miss the move: Subscribe to TheStreet's free daily newsletter In a statement, the company said it was "reallocating resources to operate as efficiently as possible, while maintaining ample capacity to serve our customers." Related: Another national employment company files Chapter 11 bankruptcy Also in 2023, Krispy Kreme closed a manufacturing facility in North Carolina, and Hershey closed its Dot's Pretzels factory in North Dakota to cut costs. Snack maker Utz closed a manufacturing plant in Pennsylvania and put other plants in Indiana, Louisiana, and Alabama up for sale as part of a network downsizing. Del Monte Foods in April 2024 closed its Toppenish, Wash., and Markesan, Wis., fruit and vegetable canning plants to align and streamline operational capacity with consumer demand, the company said in a statement to TheStreet at the time. The Toppenish plant had 127 employees, and the Markensan facility had 90 employees who were designated for layoffs. Del Monte's labelling and distribution activities continued at the plants until fall of 2024. The fruit and vegetable processor and producer has been addressing shrinking consumer demand for several years. In 2018, the company closed its tomato processing plant in Plymouth, Ind., as well as other plants in North Carolina and California. In 2019, it closed plants in Illinois, Minnesota, Texas, and Wisconsin. Economic challenges have been too much for Del Monte Foods as the company filed for Chapter 11 bankruptcy with a restructuring support agreement, seeking a sale of its assets. Related: Popular vision care chain files for Chapter 11 bankruptcy The debtor and 17 affiliates, which include S&W Fine Foods Inc. and Contadina Foods Inc., filed its petition in the U.S. Bankruptcy Court for the District of New Jersey on July 1, listing $1 billion to $10 billion in assets and liabilities. More bankruptcy: Iconic auto repair chain franchise files Chapter 11 bankruptcyPopular beer brand closes down and files Chapter 7 bankruptcyPopular vodka and gin brand files for Chapter 11 bankruptcy Certain of the company's non-U.S. subsidiaries are not included in the Chapter 11 case and continue to operate as usual. The debtor's largest unsecured creditors include Seneca Foods, owed over $19.9 million; Transplace Texas LP, owed over $9 million; and Steuben Foods Inc., owed over $6.9 million. Del Monte Food, one of the nation's largest producers, distributors, and marketers of food products for nearly 140 years, revealed that it is seeking a value-maximizing sale process as part of a strategic balance-sheet restructuring. The debtor entered into a restructuring support agreement with a group of its prepetition lenders to seek a going-concern sale of all of its assets. The debtor is also seeking approval of up to $912.5 million in debtor-in-possession financing from its prepetition term loan lenders that will include $165 million in new money to support the company through its Chapter 11 process. "This is a strategic step forward for Del Monte Foods," Greg Longstreet, president and CEO of Del Monte Foods, said in a statement. "After a thorough evaluation of all available options, we determined a court-supervised sale process is the most effective way to accelerate our turnaround and create a stronger and enduring Del Monte Foods. "With an improved capital structure, enhanced financial position and new ownership, we will be better positioned for long-term success," Longstreet said. Related: Largest fast-food chain's franchisee files for Chapter 11 bankruptcy The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
3 hours ago
- Yahoo
Exclusive-Intel's new CEO explores big shift in chip manufacturing business
By Max A. Cherney, Jeffrey Dastin and Stephen Nellis SAN FRANCISCO (Reuters) -Intel's new chief executive is exploring a big change to its contract manufacturing business to win major customers, two people familiar with the matter told Reuters, in a potentially expensive shift from his predecessor's plans. If implemented, the new strategy for what Intel calls its "foundry" business would entail no longer marketing certain chipmaking technology, which the company had long developed, to external customers, the people said. Since taking the company's helm in March, CEO Lip-Bu Tan has moved fast to cut costs and find a new path to revive the ailing U.S. chipmaker. By June, he started voicing that a manufacturing process that prior CEO Pat Gelsinger bet heavily on, known as 18A, was losing its appeal to new customers, said the sources, who spoke on condition of anonymity. To put aside external sales of 18A and its variant 18A-P, manufacturing processes that have cost Intel billions of dollars to develop, the company would have to take a write-off, one of the people familiar with the matter said. Industry analysts contacted by Reuters said such a charge could amount to a loss of hundreds of millions, if not billions, of dollars. Intel declined to comment on such "hypothetical scenarios or market speculation." It said the lead customer for 18A has long been Intel itself, and it aims to ramp production of its "Panther Lake" laptop chips later in 2025, which it called the most advanced processors ever designed and manufactured in the United States. Persuading outside clients to use Intel's factories remains key to its future. As its 18A fabrication process faced delays, rival TSMC's N2 technology has been on track for production. Tan's preliminary answer to this challenge: focus more resources on 14A, a next-generation chipmaking process where Intel expects to have advantages over Taiwan's TSMC, the two sources said. The move is part of a play for big customers like Apple and Nvidia, which currently pay TSMC to manufacture their chips. Tan has tasked the company with teeing up options for discussion with Intel's board when it meets as early as this month, including whether to stop marketing 18A to new clients, one of the two sources said. The board might not reach a decision on 18A until a subsequent autumn meeting in light of the matter's complexity and the enormous money at stake, the person said. Intel declined to comment on what it called rumor. In a statement, it said: "Lip-Bu and the executive team are committed to strengthening our roadmap, building trust with our customers, and improving our financial position for the future. We have identified clear areas of focus and will take actions needed to turn the business around." Last year was Intel's first unprofitable year since 1986. It posted a net loss attributable to the company of $18.8 billion for 2024. The Intel chief executive's deliberations show the enormous risks - and costs - under consideration to move the storied U.S. chipmaker back onto solid footing. Like Gelsinger, Tan inherited a company that had lost its manufacturing edge and fell behind on crucial technology waves of the past two decades: mobile computing and artificial intelligence. The company is targeting high-volume production later this year for 18A with its internal chips, which are widely expected to arrive ahead of external customer orders. Meanwhile, delivering 14A in time to win major contracts is by no means certain, and Intel could choose to stick with its existing plans for 18A, one of the sources said. Intel is tailoring 14A to key clients' needs to make it successful, the company said. AMAZON AND MICROSOFT ON 18A Tan's review of whether to focus clients on 14A involves the contract chipmaking portion of Intel, or foundry, which makes chips for external customers. Regardless of a board decision, Intel will make chips via 18A in cases where its plans are already in motion, the people familiar with the matter said. This includes using 18A for Intel's in-house chips that it already designed for that manufacturing process, the people said. Intel also will produce a relatively small volume of chips that it has guaranteed for and Microsoft via 18A, with deadlines that make it unrealistic to wait for the development of 14A. Amazon and Microsoft did not immediately comment on the matter. Intel said it will deliver on its customer commitments. Tan's overall strategy for Intel remains nascent. So far, he has updated his leadership team, bringing in new engineering talent, and he has worked to shrink what he considered bloated and slow-moving middle management. Shifting away from selling 18A to foundry customers would represent one of his biggest moves yet. The 18A manufacturing process includes a novel method of delivering energy to chips and a new type of transistor. Together, these enhancements were meant to let Intel match or exceed TSMC's capabilities, Intel executives have previously said. However, according to some industry analysts, the 18A process is roughly equivalent to TSMC's so-called N3 manufacturing technology, which went into high-volume production in late 2022. If Intel follows Tan's lead, the company would focus its foundry employees, design partners and new customers on 14A, where it hopes for a better chance to compete against TSMC. Tan has drawn on extensive contacts and customer relationships built over decades in the chip industry to arrive at his view on 18A, the two sources said.
Yahoo
3 hours ago
- Yahoo
Exclusive-Intel's new CEO explores big shift in chip manufacturing business
By Max A. Cherney, Jeffrey Dastin and Stephen Nellis SAN FRANCISCO (Reuters) -Intel's new chief executive is exploring a big change to its contract manufacturing business to win major customers, two people familiar with the matter told Reuters, in a potentially expensive shift from his predecessor's plans. If implemented, the new strategy for what Intel calls its "foundry" business would entail no longer marketing certain chipmaking technology, which the company had long developed, to external customers, the people said. Since taking the company's helm in March, CEO Lip-Bu Tan has moved fast to cut costs and find a new path to revive the ailing U.S. chipmaker. By June, he started voicing that a manufacturing process that prior CEO Pat Gelsinger bet heavily on, known as 18A, was losing its appeal to new customers, said the sources, who spoke on condition of anonymity. To put aside external sales of 18A and its variant 18A-P, manufacturing processes that have cost Intel billions of dollars to develop, the company would have to take a write-off, one of the people familiar with the matter said. Industry analysts contacted by Reuters said such a charge could amount to a loss of hundreds of millions, if not billions, of dollars. Intel declined to comment on such "hypothetical scenarios or market speculation." It said the lead customer for 18A has long been Intel itself, and it aims to ramp production of its "Panther Lake" laptop chips later in 2025, which it called the most advanced processors ever designed and manufactured in the United States. Persuading outside clients to use Intel's factories remains key to its future. As its 18A fabrication process faced delays, rival TSMC's N2 technology has been on track for production. Tan's preliminary answer to this challenge: focus more resources on 14A, a next-generation chipmaking process where Intel expects to have advantages over Taiwan's TSMC, the two sources said. The move is part of a play for big customers like Apple and Nvidia, which currently pay TSMC to manufacture their chips. Tan has tasked the company with teeing up options for discussion with Intel's board when it meets as early as this month, including whether to stop marketing 18A to new clients, one of the two sources said. The board might not reach a decision on 18A until a subsequent autumn meeting in light of the matter's complexity and the enormous money at stake, the person said. Intel declined to comment on what it called rumor. In a statement, it said: "Lip-Bu and the executive team are committed to strengthening our roadmap, building trust with our customers, and improving our financial position for the future. We have identified clear areas of focus and will take actions needed to turn the business around." Last year was Intel's first unprofitable year since 1986. It posted a net loss attributable to the company of $18.8 billion for 2024. The Intel chief executive's deliberations show the enormous risks - and costs - under consideration to move the storied U.S. chipmaker back onto solid footing. Like Gelsinger, Tan inherited a company that had lost its manufacturing edge and fell behind on crucial technology waves of the past two decades: mobile computing and artificial intelligence. The company is targeting high-volume production later this year for 18A with its internal chips, which are widely expected to arrive ahead of external customer orders. Meanwhile, delivering 14A in time to win major contracts is by no means certain, and Intel could choose to stick with its existing plans for 18A, one of the sources said. Intel is tailoring 14A to key clients' needs to make it successful, the company said. AMAZON AND MICROSOFT ON 18A Tan's review of whether to focus clients on 14A involves the contract chipmaking portion of Intel, or foundry, which makes chips for external customers. Regardless of a board decision, Intel will make chips via 18A in cases where its plans are already in motion, the people familiar with the matter said. This includes using 18A for Intel's in-house chips that it already designed for that manufacturing process, the people said. Intel also will produce a relatively small volume of chips that it has guaranteed for and Microsoft via 18A, with deadlines that make it unrealistic to wait for the development of 14A. Amazon and Microsoft did not immediately comment on the matter. Intel said it will deliver on its customer commitments. Tan's overall strategy for Intel remains nascent. So far, he has updated his leadership team, bringing in new engineering talent, and he has worked to shrink what he considered bloated and slow-moving middle management. Shifting away from selling 18A to foundry customers would represent one of his biggest moves yet. The 18A manufacturing process includes a novel method of delivering energy to chips and a new type of transistor. Together, these enhancements were meant to let Intel match or exceed TSMC's capabilities, Intel executives have previously said. However, according to some industry analysts, the 18A process is roughly equivalent to TSMC's so-called N3 manufacturing technology, which went into high-volume production in late 2022. If Intel follows Tan's lead, the company would focus its foundry employees, design partners and new customers on 14A, where it hopes for a better chance to compete against TSMC. Tan has drawn on extensive contacts and customer relationships built over decades in the chip industry to arrive at his view on 18A, the two sources said.
