ST-Ericsson split finalised

It was announced in March that the networking company would be split between the two shareholders, with ST taking on the existing ST-Ericsson products, other than LTE multimode thin modems. According to an official statement released today, Ericsson will now take on the design, development and sales of LTE multimode thin modem solutions, including 2G, 3G and 4G. As a result, roughly 1,800 ST-Ericsson employees have joined the tech giant. Douglas Gilstrap, pictured, senior vp and chief strategist at Ericsson, said: "We welcome the team of about 1,800 modem-experts that join Ericsson. Ericsson continues to see great value in the LTE multimode thin modems. "The market potential is there and Ericsson will now focus on bringing the best modems to market, and work closely with customers to integrate them into their products." Georges Penalver, executive vp, chief strategy officer at ST said the agreement was finalised 'on track' to plans, with minimised social impact and lower exit costs than anticipated. In total, approximately 1,000 employees have joined STMicroelectronics. Penalver added: "We welcome our new employees as we are adding strong competencies in the areas of embedded processing, rf, analogue and power technologies, as well as in software and complex system integration, to fuel growth in many of our product areas where we have significant business opportunities."