SAN JOSE, Calif., May 4, 2011 /PRNewswire/ -- Atmel® Corporation (NASDAQ: ATML), a leader in microcontroller and touch solutions, today announced that its Board of Directors has authorized an additional $300 million allocation of funds to its existing common stock repurchase program.
The program authorizes the purchase of Atmel common stock in the open market depending upon market conditions and other factors. The program does not have an expiration date. The number of shares repurchased and the timing of repurchases will be based on the level of cash balances, general business and market conditions, regulatory requirements and other factors, including alternative investment opportunities.
"The addition of $300 million to our current program reflects the strength in our business and our ongoing confidence in our outlook for the company," said Stephen Cumming, Atmel's Vice President and Chief Financial Officer.
Atmel is a worldwide leader in the design and manufacture of microcontrollers, capacitive touch solutions, advanced logic, mixed-signal, nonvolatile memory and radio frequency (RF) components. Leveraging one of the industry's broadest intellectual property (IP) technology portfolios, Atmel is able to provide the electronics industry with complete system solutions focused on industrial, consumer, communications, computing and automotive markets.
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Director, Investor Relations
SOURCE Atmel Corporation