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NXP Sells Another Business UnitMannerisms - David MannersDec. 23, 2010 |
Another chapter unfolds in the grisly tale of NXP. Yesterday the Sound Solutions unit, which had annual revenues of $255 million, was sold.
Having been sold for $10 billion by Philips in 2006 to private equity companies led by KKR, NXP has been subjected to the classic private equity management pattern of: load up the acquisition with debt, cut back the R&D, out-source everything possible, sack as many people as possible, sell off the bits which can be sold off and IPO what remains.
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