Philips Semiconductors Renamed NXP

(September 1, 2006) BERLIN, Germany &#151 Philips Semiconductors will be renamed NXP, founded by Philips, becoming an independent entity from Royal Philips after 53 years in operation. NXP will remain headquartered in Eindhoven, the Netherlands. The name change follows an agreement between Royal Philips and investors Kohlberg Kravis Roberts & Co. (KKR), Bain Capital, Silver Lake Partners, Apax, and AlpInvest Partners NV, who stated that the consortium will take an 80.1% stake in operations, with Philips retaining 19.9%.

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