Microchip announced the consummation of the sale of certain non-core assets from its Silicon Storage Technology (SST) subsidiary. The product lines sold included NAND Drives, NAND controllers, Smart Card ICs, Combo Memory, Concurrent SuperFlash, Small-Sector Flash and many-time Programmable Flash memories.

The buyer, Greenliant Systems, is a new company founded by Mr. Bing Yeh, the ex-Chairman and CEO of SST. The sale included inventory, equipment, intellectual property, and certain other assets and liabilities associated with the product lines. Approximately 100 employees (18% of SST’s workforce) transferred to Greenliant as part of this transaction. SST also agreed to provide certain transition services to Greenliant for up to 90 days. The terms of the transaction were not disclosed.