Ericsson Will Take A $1.2B Hit On Decline Of ST-Ericsson Chip JV; Confirms It Won?t Buy STMicro?s Stake

Earlier this week European Commissioner Neelie Kroes spoke in platitudes about how the EU would be putting more effort into kick-starting the region's hardware industry -- to create the 'Airbus of chips.' Her words seem particularly ironic (and possibly more empty) today, as the world's largest telecoms company, Ericsson, admitted it would have to take a writedown of $1.2 billion (8 billion Swedish crowns) related to the decline of its European chip JV ST-Ericsson, as it tries to figure out what to do next with the loss-making business.

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