Ericsson And STMicroelectronics N.V. Complete Transaction To Split Up ST-Ericsson

Monday, 5 Aug 2013 02:00am EDT 

Ericsson and STMicroelectronics announced the closing of the transaction for the split up of ST-Ericsson. This follows the announcement the Companies made on March 18, 2013 on the chosen strategic option for the future of the joint venture. Effective August 2, 2013 Ericsson has taken on the design, development and sales of the LTE multimode thin modem solutions, including 2G, 3G and 4G interoperability. In total, approximately 1,800 employees and contractors have joined Ericsson. ST has taken on the existing ST-Ericsson products, other than LTE multimode thin modems, and the GNSS (Global Navigation Satellite System) connectivity solution sold to a third party, and related business as well as certain assembly and test facilities. In total, approximately 1,000 employees have joined STMicroelectronics. As previously communicated, Ericsson and ST have taken the expenses and the margin of their respective activities since March 2, 2013. The close down of the remaining parts of ST-Ericsson has started and both parents are assuming equal funding of the wind-down activities. 

Company Quote

0.9 +1.02%
3:25am EST