Maths co-processor chip developer Weitek Corp, which earlier this year called in an investment bank to review its options, has thrown in the towel and decided to sell out to Rockwell International Inc, filing for Chapter 11 bankruptcy protection in the process. It will sell some assets and a technology license to the expanding chip unit at Rockwell for $3m, and will continue to seek buyers for its remaining assets, including its intellectual property portfolio. The $3m purchase price to be paid by Rockwell is subject to adjustment for a number of factors, including Weitek’s ability to transfer some of the assets. Rockwell has made job offers to about 20 engineers and other employees of Weitek. Weitek is expected to seek interim permission from the Bankruptcy Court for Rockwell to use Weitek’s San Jose design facilities and hire the engineers and other employees it wants. When Intel Corp started including the maths co-processor as part of the iAPX-86 die, Weitek’s products rather lost their luster, and the company has therefore made substantial operating losses over the past several years, eroding its viability.
