Ericsson and STMicroelectronics announced the end of the split of the joint venture ST-Ericsson. Previously, the two companies announced their strategic decision on the future of the joint venture on March 18, 2013.
Since August 2, Ericsson has received design, development and sales of LTE mulTImode thin modem solutions, including 2G, 3G and 4G interoperability technologies. A total of about 1,800 employees and contract workers will be transferred to Ericsson.
In addition to LTE multimode slim modems received by Ericsson, GNSS (Global NavigaTIon Satellite System) connection solution was sold to a third-party company, STMicroelectronics took over all remaining ST-Ericsson existing products And business, and related packaging and testing plants. In total, about 1,000 employees transferred to STMicroelectronics.
As previously announced, Ericsson and STMicroelectronics respectively bear the expenses and profits incurred in their respective operating activities since March 2, 2013.
The rest of ST-Ericsson's operating activities will be closed one after another, and the two parent companies will share the expenses in the closing process evenly.
Douglas Gilstrap, senior vice president and chief strategy officer of Ericsson, said: "We welcome approximately 1,800 modem professionals to join Ericsson. Ericsson continues to be optimistic about the huge market value of slim LTE multimode modems. According to our forecasts, a networked society There will be 50 billion network devices, and slim LTE multimode modems are an important component of these network devices. Since the market potential already exists, Ericsson will focus on bringing the best modems to the market and working closely with customers to bring our products Integrated into the end product. "
George Penalver, executive vice president and chief strategy officer of STMicroelectronics, said: "We have fulfilled our agreement in accordance with the established plan, and the social impact and the cost of exiting the market are lower than previously expected. We welcome new employees to join STMicroelectronics because we We are working hard to enhance the company's core competitiveness in the fields of embedded processing, radio frequency, analog and power technology, software and complex system integration, enabling us to continue to grow in this product field with great opportunities. "
As announced in the financial report for the second quarter of 2013, STMicroelectronics estimated its total cash costs, after deducting the income from the beginning of 2013 to the closure of the joint venture, about 300-350 million US dollars, including ST-Ericsson during the transition period The operating expenses incurred during the operation period, which should be borne by STMicroelectronics and the restructuring costs incurred by STMicroelectronics when it exited the joint venture, were lower than the previous estimates.
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