Electronics Production | December 27, 2010
NXP sells off Sound Solution business
NXP Semiconductors has signed a definitive agreement with Dover Corp. affiliate Knowles Electronics. The latter will acquire NXP’s Sound Solutions business.
Under the terms of the agreement, Knowles will acquire Sound Solutions for USD 855 million in cash. In conjunction with the transaction, NXP and Knowles have agreed to the terms of a strategic relationship whereby NXP will become Knowles’ exclusive source for certain High Performance Mixed Signal semiconductors. The transaction is expected to close in the first quarter of 2011. The revenue of the Sound Solutions business was approximately USD 255 million in the first three quarters of 2010. About 1'000 Sound Solutions employees, who are currently based in Sound Solutions’ headquarters in Vienna (Austria) and its facilities located in Beijing (China), will join Knowles. Existing Sound Solutions customers will continue to be supported under the combined company.