Philips Semiconductors Becomes NXP
Sep 6, 2006 12:05 PM
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Philips Semiconductors will move forward as NXP, becoming independent from Royal Philips. The name change announcement follows an agreement between Royal Philips and Kohlberg Kravis Roberts (KKR), Bain Capital, Silver Lake Partners, Apax and AlpInvest Partners NV that will see the consortium take an 80.1% stake in the semiconductor operation with Philips retaining a 19.9% interest. NXP is Europe’s second largest semiconductor company and a global top 10 player.
Mr. van Houten confirmed that NXP will continue its current business renewal strategy, which has been underway for 18 months and has contributed to sustained profitability and cost savings, as a strong foundation for the future.
A center dedicated to emerging technologies has been established within NXP with close to 600 scientists joining from Philips Research and Applied Technologies, ensuring continued innovation. In total, NXP now has over 6,700 engineers in research and development. NXP will remain headquartered in Eindhoven, the Netherlands.
