SunPower IPO expected to raise $100 million

Cypress Semiconductor (CY) Plans SunPower IPO


By Chris Kraeuter
TheStreet.com Staff Reporter
4/21/2005 1:38 PM EDT

Updated from 12:39 p.m. EDT
In a surprise announcement, Cypress Semiconductor (CY:NYSE - commentary - research) said it will pursue an initial public offering for its SunPower unit. Also, Manny Hernandez, the longtime chief financial officer at Cypress, will become SunPower's CFO and Cypress will begin a search for a new top financial executive.

Shares spiked on the news, advancing 13% to $13.03. Cypress made the announcements during its first-quarter financial conference call on Thursday during the trading session.

"We've decided that we are going to begin investigating an IPO for SunPower," says Cypress CEO T.J. Rodgers. He said SunPower needs funds to build out its manufacturing capabilities and that Cypress can accommodate the expansion, but that an IPO for SunPower would be the best way for its unit to grow.

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