Ericsson says will not acquire majority of ST-Ericsson

Thursday 20 December 2012 | 09:09 CET | News
Ericsson announced it will take a one-time charge of SEK 8 billion in the fourth quarter on its stake in ST-Ericsson. The non-cash charge will reduce net profit by a similar amount and includes a write down of the value of the ST-Ericsson assets and cash to prepare the company for the future. The move follows STMicroelectronics' announcement that it plans to exit the joint venture. Ericsson said it does not plan to acquire the majority of ST-Ericsson, but expects it will need to contribute another SEK 3 billion in funding to the venture next year to see out its strategy. The company said it

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Categories: Mobile & Wireless
Companies: Ericsson / ST-Ericsson / STMicroelectronics
Countries: World
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