logo
Share SHARE
FONT-SIZE Plus   Neg

STMicroelectronics Says It Has Been Ordered To Pay $59 Mln To NXP

STMicroelectronics (STM: Quote) said on April 5, 2012, it has been ordered to pay around $59 million to NXP Semiconductors Netherlands B.V., following an award from an arbitration tribunal set up according to the rules of the International Chamber of Commerce, or ICC.

STMicroelectronics stated that although it is clearly disappointed with the results of this arbitration, which were unexpected, the company is encouraged by the fact that in its award the ICC Tribunal states that it has chosen not to address certain issues which STMicroelectronics has raised, and that will be part of a second arbitration before the same ICC tribunal. A hearing for the second arbitration is scheduled in June 2012 with a final decision expected during the following twelve months, the company added.

STMicroelectronics noted that the award will be recognized in its first quarter 2012 results and is currently estimated to have a negative impact on its cost of sales.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Online retail giant Amazon.com Inc. (AMZN) is reportedly in talks to buy luxury online fashion retailer Net-a-Porter. The news of acquisition was first reported by Women's Wear Daily, which said the deal would be completed for about 2 billion euros, indicating the biggest acquisition yet by Amazon.... Tim Cook, the CEO of tech giant Apple Inc., in an interview said he intends to give away all his wealth to charity. Cook, in an interview to Fortune, said he plans to donate all his wealth to philanthropic projects after paying for his 10-year old nephew's college education. According to Fortune,... Is it a 'personal life crisis' that led the Germanwings' co-pilot Andreas Lubitz to deliberately lowering the plane carrying 149 people to French Alps mountain? Police is investigating to find evidences to prove this suggestion.
comments powered by Disqus
RELATED NEWS
Trade STM now with 
Follow RTT