Reuters: Technology News: ST-Ericsson sells GPS business to Intel

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ST-Ericsson sells GPS business to Intel May 28th 2013, 18:06 Tweet Share this Email Print Related News ST-ERICSSON JV sells GPS mobile business 2:14am EDT Intel CEO shakes up units, creates 'new devices' group Tue, May 21 2013 EU warns China it is ready to launch telecoms dispute Wed, May 15 2013 Run silent, run deep: The life of Brian Krzanich at Intel Fri, May 3 2013 Intel picks insider as CEO, dashing hopes for shakeup Thu, May 2 2013 People walk past an ST-Ericsson stand at the Mobile World Congress in Barcelona February 25, 2013. Credit: Reuters/Albert Gea By Astrid Wendlandt and Noel Randewich PARIS/SAN FRANCISCO | Tue May 28, 2013 2:06pm EDT PARIS/SAN FRANCISCO (Reuters) - ST-Ericsson, a money-losing joint venture being wound down by owners STMicroelectronics and Ericsson, has sold its GPS mobile business to Intel. ST-Ericsson, which focuses on mobile and wireless chips, announced the sale on Tuesday without naming the buyer. An Intel spokesman later said the U.S. chipmaker bought the assets. Neither company revealed the price, but ST-Ericsson said the proceeds from the sale, 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. (Reporting by Astrid Wendlandt and Noel Randewich; Editing by Christian Plumb and Bob Burgdorfer) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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