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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