Taiwan-based ProMOS Technologies announced on March 28 that the company has agreed with Globalfoundries on the sale of more than 1,000 items of production equipment installed at its 12-inch wafer fab in Taichung, Central Taiwan. Financial terms were not disclosed.

ProMOS said that the sales proceeds will be used for business restructuring expenses.

ProMOS originally planned to sell the Taichung fab and related facilities through an open bid, but failed to reach a consensus with its preferred bidders. Therefore, ProMOS decided to negotiate individual agreements to liquidate its assets gradually, the firm indicated.

Known as a DRAM manufacturer, ProMOS is looking to become a fabless memory-IC company.