NXP sells Sound Solutions business for $855million
Knowles Electronics is to acquire NXP's Sound Solutions business in an $855million cash deal. The sale of the business will strengthen NXP's balance sheet, while allowing it to continue sharpening its focus on its high performance mixed signal business.
As part of the deal, NXP and Knowles have agreed a strategic relationship under which NXP will become Knowles' exclusive source for certain high performance mixed signal semiconductors.
"Combining the operations of Sound Solutions and Knowles represents another major milestone in our strategy of focusing on high performance mixed signal markets, and it will help to further improve our capital structure," said Rick Clemmer, pictured, NXP's president and ceo. "The micro acoustic components market offers significant growth potential, which can be best achieved through a focused company, dedicated to this market and with a complete suite of complementary products required for a leadership position. We look forward to participating in that growth as a strategic supplier to Knowles going forward."
