by CIO Staff

Philips Semiconductor Changes Name to NXP

Sep 01, 20061 min
Data Center

Philips Semiconductor unveiled its new name Thursday, becoming NXP after 50 years as the semiconductor division of the Dutch electronics conglomerate.

NXP stands for “Next Experience,” the company said in a statement. The name was changed after a group of private equity firms led by Kohlberg Kravis Roberts & Co. (KKR) bought an 80.1 percent stake in the company. Bain Capital, Silver Lake Partners, Apax and AlpInvest Partners worked with KKR on the deal, and Koninklijke Philips Electronics retained a 19.9 percent stake in the chip maker. Frans van Houten will continue as the company’s chief executive officer.

The new shareholders will invest 1 billion euros (US$1.28 billion) in research and development, the company said, but did not specify over what period.

The company will maintain its headquarters in Europe, with a total of about 37,000 employees in 20 countries.

-Steven Schwankert, IDG News Service (Beijing Bureau)

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