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Electronics Production | July 29, 2008

NXP and STMicro complete creation<br>of ST-NXP Wireless

NXP and STMicroelectronics announced the closing of the deal bringing together key wireless operations of both companies into ST-NXP Wireless, a deal they announced on April 10th, 2008.
The joint venture, which will start operations on August 2nd, launches as a solid top-three industry player with a complete wireless product and technology portfolio and as a supplier to major handset manufacturers who together ship more than 80% of all handsets. ST-NXP Wireless will be among the few companies with the R&D scale and expertise to meet customer needs in 2G, 2.5G, 3G, multimedia, connectivity and all future wireless technologies.

ST-NXP Wireless is being created from successful businesses that together generated $3 billion in revenue in 2007. At the closing, STMicroelectronics took an 80% stake in the joint venture and contributed $1.55 billion to NXP, including a control premium. The new organization will start with a cash balance of about $350 million, in a very healthy financial position and able to grow its business with all of its wireless customers.

The ST-NXP Wireless executive team will be composed of experienced industry leaders from both parent companies. Alain Dutheil, presently COO of STMicroelectronics, has been assigned to lead ST-NXP Wireless as CEO, focusing exclusively on the new joint-venture. The Executive Committee of ST-NXP Wireless, led by Mr Dutheil, also includes Abhijit Bhattacharya, currently financial controller for NXP’s Multimarket Semiconductors Business Unit, who has been nominated to take the position of CFO and, nominated as executive vice presidents and general managers, Tommi Uhari, currently executive vice president and general manager of ST’s Mobile, Multimedia & Communications Group, and Marc Cetto, currently executive vice president and general manager of NXP’s Mobile & Personal Business Unit.

To be incorporated in Switzerland and headquartered in Geneva, ST-NXP Wireless will have in excess of 7,500 employees with major facilities in Belgium, China, Finland, France, Germany, India, Italy, Malaysia, Morocco, the Netherlands, Philippines, Singapore, Sweden, Switzerland, UK and the USA.

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