Eindhoven, The Netherlands, July 5, 2011 – NXP Semiconductors (NASDAQ: NXPI) today announced the completion of its agreement with Dover Corporation (NYSE: DOV) whereby Dover’s Knowles Electronics business has acquired NXP’s Sound Solutions business, initially announced on December 22, 2010. Under the terms of the agreement, Knowles has acquired NXP’s Sound Solutions business for $855 million in cash.
“The divestment significantly strengthened NXP’s balance sheet, while enabling us to focus on our core High Performance Mixed Signal business. We look to continue working with Knowles Electronics as a key strategic supplier of semiconductor components.” said Rick Clemmer, President and CEO, NXP Semiconductors.
About NXP Semiconductors
NXP Semiconductors N.V. (NASDAQ: NXPI) provides High Performance Mixed Signal and Standard Product solutions that leverage its leading RF, Analog, Power Management, Interface, Security and Digital Processing expertise. These innovations are used in a wide range of automotive, identification, wireless infrastructure, lighting, industrial, mobile, consumer and computing applications. A global semiconductor company with operations in more than 25 countries, NXP posted revenue of $4.4 billion in 2010. Additional information can be found by visiting http://www.nxp.com/.