logo
Plus   Neg
Share
Email

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 RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
The Boeing Company (BA) reported that its first-quarter core earnings per share increased to $3.64 from $2.17, prior year, reflecting strong performance across the company. Core operating earnings improved 35% year-over-year to $2.51 billion from $1.86 billion, previous year. GAAP earnings from operations... Micro-blogging site Twitter Inc. on Wednesday reported a turnaround to profit in the first quarter on strong double-digit revenue growth. This is the company's second quarterly profit. Both revenue and adjusted earnings per share beat analysts' estimates. Twitter's average monthly active users or MAU figure rose 3 percent year-over-year and also increased from the preceding quarter. Shares of Credit Suisse Group AG were gaining around 4 percent in Swiss trading after the banking giant reported Wednesday higher profit in its first quarter, despite lower net interest income. The company said it had planned 2018 to be a year of acceleration in its performance in its 12-quarter restructuring program.
Follow RTT