On December 4, 2006, Agere's President and CEO, Rick Clemmer, announced that it would be bought by LSI Logic Corporation of Milpitas, California in an all-stock transaction. On March 29, 2007, this merger was approved by shareholders of both companies, making it official. The companies together own a patent portfolio consisting of more than 10,000 issued and pending U.S. patents. Spun off by Lucent Technologies in 2001, Agere Systems was the creation of a corporate behemoth, while LSI was born 25 years ago as a tiny startup. LSI Logic already has decided to dump the Agere name, which once symbolized the Lehigh Valley's aspirations to become a technology hub. Compared to Agere Systems, LSI Logic has run a tight ship. It generates roughly 20 percent more revenue — $2 billion — with fewer employees worldwide: 3,900, compared to Agere's 5,300. LSI Logic will use the Agere Systems facilities as the center of its research operations, but the combined company's headquarters will be in Milpitas, California.