Philips Semiconductors becomes NXP
01 September 2006
Fifty years of innovation and a rich IP portfolio firmly establishes NXP as Europe’s second largest semiconductor company.
Philips Semiconductors CEO Frans van Houten today revealed the company will move forward as NXP, marking a milestone in its 53 year history as it becomes independent from Royal Philips. The name change announcement follows an agreement between Royal Philips and Kohlberg Kravis Roberts & Co. (KKR), Bain Capital, Silver Lake Partners, Apax and AlpInvest Partners NV that will see the consortium take an 80.1 percent stake in the semiconductor operation with Philips retaining a 19.9 percent interest.
NXP is Europe’s second largest semiconductor company and a global top 10 player. Speaking at the Internationale Funkausstellung (IFA) consumer electronics show in Berlin, Mr. van Houten explained that the company’s ‘vibrant media’ brand promise reflects its leadership in media technologies that enable better sensory experiences for consumers such as superior image and sound quality in digital televisions, mobile phones and other entertainment products.
