company founded by Philips, and STMicroelectronics, a leader in delivering advanced solutions for mobile products, today announced that their new joint venture name will be ST-NXP Wireless.

Created from the mobile and wireless businesses of STMicroelectronics and NXP, which together generated US$3 billion in revenue in 2007, the new company will begin operations in a strong position to meet customer needs in 2G, 2.5G, 3G, multimedia, connectivity and all future wireless technologies. ST-NXP Wireless is expected to enter the market in number three position once full closure of the joint venture takes place, as scheduled, in the third quarter of 2008.

It was also announced today that the management team of ST-NXP Wireless will comprise experienced industry leaders from both parent companies. Alain Dutheil, presently chief operating officer (COO) of STMicroelectronics, has been assigned to lead ST-NXP Wireless as Chief Executive Officer (CEO) focusing exclusively on the new joint venture.

The Executive Committee of ST-NXP Wireless, led by Alain Dutheil, will include:

• Abhijit Bhattacharya, currently financial controller, Multimarket Semiconductors Business Unit, NXP, who is nominated to take the position of Chief Financial Officer of the joint venture
• Tommi Uhari, current executive vice president and general manager of Mobile, Multimedia & Communications Group, STMicroelectronics
• Marc Cetto, current executive vice president and general manager of Mobile & Personal Business Unit, NXP.

"The new name, ST-NXP Wireless, clearly illustrates the joining together of two complementary and formidable forces in the worldwide market to create a new global wireless powerhouse,” commented Alain Dutheil, designated CEO, ST-NXP Wireless. “Our new company will be uniquely positioned to continue and extend customer relationships with the key players in the mobile and wireless industry, leveraging the passion and expertise of what is one of the best pools of talents in the industry."

The joint-venture will combine key design, sales and marketing, and back-end manufacturing assets from both parent companies into a streamlined organisation that will rely on its parent companies and foundries for wafer fabrication services. ST-NXP Wireless will be headquartered in Switzerland. Aiming to close in Q3 2008, the deal is subject to regulatory approvals and labor council consultation.