Global: STMicroelectronics and Ericsson to Split up
Ericsson and STMicroelectronics have announced the companies will split up its business together as ST-Ericsson. The two companies will split the business, which has never made a profit, between them. Some facilities will be closed.
The agreed split up will see Ericsson take on the design, development and sales of LTE multimode thin modem products, including 2G, 3G and 4G multimode. ST will take on the other ST-Ericsson products and related businesses. The transfer of ownership is expected to be completed during the third quarter, subject to regulatory approval.
The remaining parts of ST-Ericsson will be closed down, losing between 500 and 700 jobs in Europe, with 400-600 in Sweden and 50-80 in Germany.
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