ST-Ericsson + Intel… The New Owner (Business)

[SatNews] STMicroelectronics and Ericsson have sold their ST-Ericsson company to Intel. ST-Ericsson said the proceeds from the sale of their GPS mobile business, combined with the avoidance of employee restructuring charges and other related restructuring costs, would reduce the joint venture’s cash needs by approximately $90 million. STMicro and Ericsson announced in March they were winding down ST-Ericsson, which has been hit by a big drop in orders from top customer Nokia and has struggled to compete with other chipmakers. ST-Ericsson’s GPS-related intellectual property rights and engineers add to Intel‘s already existing GPS assets, Intel spokesman Chris Kraeuter said.