HUDSON, MA -- A former Intel employee was charged yesterday with stealing trade secrets valued at  more than $1 billion.

Biswamohan Pani is accused of allegedly downloading Intel trade secrets while working simultaneously for Advanced Micro Devices. He has been charged with a total of five counts of theft of trade secrets.

According to the indictment, Pani had taken a job with AMD while still in the employ of Intel, then while on vacation from Intel, allegedly downloaded at least eight documents described by Intel as “confidential,” “secret” or “top secret.”

The information Pani allegedly downloaded was worth $1 billion in research and development costs, according to the federal government.

AMD was unaware of Pani's alleged actions, according to the indictment.

Pani had worked at Intel's Hudson, MA, site before taking the job with AMD in Santa Clara, CA.

ITASCA, IL – ITW has filed its 10-Q quarterly report showing third quarter operating revenues in its Power Systems and Electronics unit grew $53.3 million year-over-year, or 9.4%, to $620.7 million. Year to date, the segment is up 9.7% through Sept. 30.

For the quarter, the operating margin was 19%, down 50 basis points from a year ago. However, base margins climbed 40 basis points during the quarter. Base manufacturing revenues grew 3.1% and operating income was up 5%. Acquisitions made up another 3.7%, while currency translation costs added 2.5%. Growth was spurred primarily by a 26.4% jump in ITW’s international welding business. The acquisition revenue was primarily due to the purchase of a PCB fabrication business and a welding accessories business, ITW said.

The business unit includes Speedline Technologies, Vitronics-Soltec and Kester Solder, among others.