Intel's struggling Foundry business finds first security chip customer

Intel has found a new customer for its refreshed Foundry business, boosting its profile as CEO Lip-Bu Tan oversees an expensive, years-long turnaround for the subsidiary that saw $174 million in external revenue last quarter.

The hardware company will co-develop the Fortinet's Security Processor 6 (SP6) chips and manufacture them using its Intel 4 process, in its first foundry deal with a security company and the first external deal for Intel 4.

Fortinet CEO Ken Xie said the deal would expand an existing relationship with Intel to make use of its "unique combination of advanced semiconductor technology, manufacturing expertise, and global supply chain capabilities."