Sehat Sutardja declares ongoing commitment to invest $200 million a year in company’s two development centers in Jewish state
Sehat Sutardja, the CEO, chairman, and co-founder of Marvell Technology Group, arrived in Israel over the weekend for a rare visit with his wife Weili Dai, another co-founder of the company.
Marvell is one of the biggest investors in Israeli high-tech.
On Sunday, Sutradja and his wife met with the Marvell Israel management, led by new CEO Yossi Meyouhas, and declared their ongoing commitment to invest $200 million a year in the company’s two research and development centers in Israel (in Yokneam and Petah Tikva) and their plans to expand R&D activities in the country.
“Recently, Israel has faced new, expanded international competition,” said Meyouhas. “While these new challenges are essential in stimulating global progress in technology, it is critical that organisations invest to ensure Israel remains a recognised leader in R&D and technology innovation.”
Marvell Israel’s activity has grown by 150 workers a year to a total of 1,200 in recent years, and the same is expected this year. Sources in the company view the visit and the commitment declaration as extremely important.
Marvell has purchased a series of Israeli companies at a total investment of some $3.5 billion: Galileo Technology, which was bought in 2006 for $2.6 billion; RADLAN Computer Communications of the RAD Group; Intel’s cellular applications division, based on former Israeli DSPC; and the Iamba Networks startup.
Following the acquisitions, Marvell invested hundreds of millions of dollars in workers and infrastructure.
Marvell markets more than one billion chips a year and trades on the NASDAQ Stock Market with a $10 billion market value.