logo
Share SHARE
FONT-SIZE Plus   Neg

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

STMicroelectronics (STM) 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
Computer and printer maker Hewlett-Packard Co. said Thursday after the markets closed that its second quarter profit fell 21% from last year, hurt by lower revenue and costs related to the planned separation of the company. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations, but its quarterly revenue fell short of analysts' forecast. Accounting software maker Intuit reported a plunge in third-quarter profit, hurt by impairment charges, even as results topped Wall Street estimates, driven by growth in small business segment amid a strong tax season. Struggling teen-apparel retailer Aeropostale Inc. (ARO), Thursday said its first-quarter loss narrowed from a year ago, driven largely by stronger margins even as revenues continued to plunge dropped. Nevertheless, the company lost almost one-fifth of its market value in after-hours trade, with the...
comments powered by Disqus
RELATED NEWS
Trade STM now with 
Follow RTT