INDUSTRY

MILPITAS, Calif. -- LSI Logic Corp. (LSI) closed the acquisition of International Business Machines Corp.'s (IBM) Mylex business unit in a cash transaction. Specific financial terms of the deal weren't disclosed. In a press release Tuesday, LSI said it expects the deal, to be accounted for as a purchase, to add to earnings. Additional information wasn't immediately available. LSI said the assets will expand the product offerings and engineering expertise of its Storage Components Group and Storage Systems. In June, LSI Logic agreed to provide Ultra320 SCSI controllers for IBM's new eServer x235 system, based on an Intel Corp. (INTC) chip. LSI Logic provides chips for broadband, data networking, communications, wireless and set-top box applications. LSI's New York Stock Exchange listed shares recently traded down 33 cents, or 4.5%, to $7, on composite volume of 786,100 shares, compared to daily average volume of 3,744,637 shares. In a separate deal, about 4,000 people are likely to lose their jobs as IBM completes its acquisition of PricewaterhouseCoopers LLC's consulting arm, the Tuesday edition of The Wall Street Journal reported. Last month, IBM announced an agreement to acquire the consulting business for $3.5 billion in cash and stock.