Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

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

RELATED NEWS
Trade STM now with 

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.

Click here to receive FREE breaking news email alerts for STMicroelectronics NV and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Alaska Congressman Don Young, R-Ak., is once again making headlines with comments linking the state's high suicide rate to an increase in government assistance. Young told an audience at a senior center on Wednesday that the suicide problem didn't exist until there was "largesse" from the government. After moving sharply higher at the open, stocks have seen further upside over the course of the trading day on Thursday. The strong upward move on the day has more than offset the pullback that was seen in the previous session. Suggesting moderate growth in the short-term, the Conference Board released a report on Thursday showing that its index of leading U.S. economic indicators rose by more than economists had anticipated in the month of September.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.