NXP and Dover Provide an Update on the Timing of the Closing of the Sound Solutions Transaction
March 28 2011 - 2:00AM
Marketwired
NXP Semiconductors N.V. (NASDAQ: NXPI) and Dover Corporation (NYSE:
DOV) provide an update on the timing of the closing of the Sound
Solutions transaction. A non-U.S. and non-EU governmental antitrust
regulator has requested additional briefings in connection with its
review of the sale of NXP's Sound Solutions business to Knowles
Electronics, an affiliate of Dover Corporation. As a result, NXP
and Dover Corporation currently expect the transaction to close
around the middle of the second quarter of 2011, subject to
regulatory approval. Apart from the antitrust procedure referred to
above, all other closing conditions and actions have been completed
in all material respects and are ready to be implemented. As
before, there is no assurance that antitrust clearance will be
obtained. NXP and Dover Corporation previously anticipated, subject
to regulatory approvals and customary closing conditions, the
transaction would likely close on or about the end of the first
quarter of 2011.
Forward-looking Statements This document
includes forward-looking statements which include statements
regarding our business strategy, financial condition, results of
operations, and market data, as well as any other statements which
are not historical facts. By their nature, forward-looking
statements are subject to numerous factors, risks and uncertainties
that could cause actual outcomes and results to be materially
different from those projected. These factors, risks and
uncertainties include the following: market demand and
semiconductor industry conditions, our ability to successfully
introduce new technologies and products, the demand for the goods
into which our products are incorporated, our ability to generate
sufficient cash, raise sufficient capital or refinance our debt at
or before maturity to meet both our debt service and research and
development and capital investment requirements, our ability to
accurately estimate demand and match our production capacity
accordingly or obtain supplies from third-party producers, our
access to production from third-party outsourcing partners, and any
events that might affect their business or our relationship with
them, our ability to secure adequate and timely supply of equipment
and materials from suppliers, our ability to avoid operational
problems and product defects and, if such issues were to arise, to
correct them quickly, our ability to form strategic partnerships
and joint ventures and successfully cooperate with our alliance
partners, our ability to win competitive bid selection processes to
develop products for use in our customers' equipment and products,
our ability to successfully establish a brand identity, our ability
to successfully hire and retain key management and senior product
architects; and, our ability to maintain good relationships with
our suppliers. In addition, this document contains information
concerning the semiconductor industry and our business segments
generally, which is forward-looking in nature and is based on a
variety of assumptions regarding the ways in which the
semiconductor industry, our market segments and product areas will
develop. We have based these assumptions on information currently
available to us, if any one or more of these assumptions turn out
to be incorrect, actual market results may differ from those
predicted. While we do not know what impact any such differences
may have on our business, if there are such differences, our future
results of operations and our financial condition could be
materially adversely affected. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak to
results only as of the date the statements were made. Except for
any ongoing obligation to disclose material information as required
by the United States federal securities laws, we do not have any
intention or obligation to publicly update or revise any
forward-looking statements after we distribute this document,
whether to reflect any future events or circumstances or otherwise.
For a discussion of potential risks and uncertainties, please refer
to the risk factors listed in our SEC filings. Copies of our SEC
filings are available from on our Investor Relations website,
http://www.nxp.com/investor or from the SEC website,
http://www.sec.gov.
About NXP Semiconductors NXP
Semiconductors N.V. (NASDAQ: NXPI) provides High Performance Mixed
Signal and Standard Product solutions that leverage its leading RF,
Analog, Power Management, Interface, Security and Digital
Processing expertise. These innovations are used in a wide range of
automotive, identification, wireless infrastructure, lighting,
industrial, mobile, consumer and computing applications. A global
semiconductor company with operations in more than 30 countries,
NXP posted revenue of $4.4 billion in 2010. For more information
visit www.nxp.com.
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