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STMicroelectronics Moves US Headquarters Closer To DFW Airport - Update

Tuesday, semiconductor manufacturer STMicroelectronics N.V. (STM) announced that it has signed a long-term lease agreement that will move its US headquarters to Coppell, Texas. According to the company, the new headquarters building occupies approximately 100,000 square feet of a newly renovated building at 750 Canyon Drive.

The company said the headquarters will house much of the company's US administrative offices as well as some product division management functions and sales and marketing staff.

ST noted that it expects the move to begin early in the second quarter of 2010 and that about 300 employees will be moving from the company's existing regional headquarters in Carrollton, about 9 miles away. The company added that the Carrollton site, which it acquired in 1987 when the company was formed through the merger of SGS Microelectronics and Thomson Semiconductors, no longer suited its regional activities and will be closed.

Geneva, Switzerland-based STMicroelectronics is a global organization with substantial operations around the world. The company has customers and partners throughout the US, Canada, Mexico, Central and South America, and marketing, sales, and engineering distributed around the region. The company said that as a centralized location in the region, with convenient and efficient travel connections through DFW Airport and Love Field, the Dallas Metroplex is an ideal location for the company's Americas Region headquarters.

STM is currently trading on the New York Stock Exchange at $8.65, up $0.01 or 0.12%.

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