September 01, 2006
Philips Semiconductor changes name to NXP
Name change came about after privaty equity firms took 80 percent stake in the company
Recommend ThisPhilips 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 bought an 80.1 percent stake in the company. Bain Capital, Silver Lake Partners, Apax and AlpInvest Partners NV worked with leader Kohlberg Kravis Roberts & Co. on the deal, and Koninklijke Philips Electronics N.V. 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 (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.
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