California Micro Devices Inc, Mil-pitas, California, has signed a memorandum of understanding with Compania Telefonica Nacional de Espana SA to design, manufacture and sell application specific integrated circuits, thin film resistor networks and non-impact printhead substrates in Spain: CMD will put up around $2m, Telefonica will buy $5m of CMD’s shares and other undisclosed investors will each own roughly one-third of the start-up.
