With the ownership change from Royal Philips Electronics to a consortium of private equity investment companies, Philips Semiconductors becomes NXP. Why that name?
It means the “next experience” for the consumer, said CEO Frans van Houten. The acronym can also be associated with Philips Semiconductors' Nexperia platform, on which the company's audio- and video-processing technologies reside. Moreover, the “P” in NXP suggests the company's Philips lineage.
NXP will use a “Founded by Philips” tag as part of its branding. “We want to create the bridge between the 'next experience' and our rich heritage,” said van Houten. “We have agreed, as part of the disentanglement, that we can use the Philips brand link to NXP Semiconductors.”