SINGAPORE, Nov 27: Technology heavyweights IBM and Chartered Semiconductor said on Wednesday they have teamed up to develop chip technology and share facilities in a cost cutting move.

IBM and Chartered, the world’s third largest chip foundry, expect to achieve scale, cycle time and cost efficiencies, the companies said in a joint statement.

Financial details of the “multi-year” agreement, which won immediate support on the Singapore market, were not disclosed.—AFP