无晶圆厂手机芯片设计业者ST-Ericsson去年12月新上任的首席执行官Didier Lamouche，在今年初透露该公司将在3月底之前宣布新战略计划；而近日有业界传闻指出，该计划可能与ST-Ericsson的出售有关。
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针对以上引述匿名消息来源的路透社(Reuters)报导，ST-Ericsson不愿发表评论，仅重申Lamouche先前所宣布的战略计划三步骤；第一步，是在2011年12月到2012年2月间，重新审视ST-Ericsson的强项和弱势，包括对目前的产品组合；接着在2012年2月到3月，将订定长期的战略计划；最后则是在4月份着手计划之具体执行。
由意法半导体(
ST)与爱立信(Ericsson) 合资成立的ST-Ericsson诞生于在 2009年2月，但这三年来巨额亏损，欠下母公司庞大债务。由于ST-Ericsson旗下的那些所谓旧有产品──也就是在公司成立前就有的产品──业绩急遽衰退，多数新推出芯片与平台在变化迅速的手机市场又尚未达到高销售量，使得该公司一直无法损益平衡。
因为ST- Ericsson的窘境拖累母公司意法的财务表现，财务分析师纷纷提醒意法应该着手处理此状况。路透社所引述的匿名消息来源指出，ST-Ericsson可能出售，潜在买主包括AMD、英特尔(Intel)、Nvidia与德州仪器(TI)；不过该消息来源也认为，除非ST-Ericsson业绩出现好转迹象，否则出售交易可能会拖上1~2年的时间。
上述路透社报导猜测，Lamouche 即将发表的ST-Ericsson新战略计划，有可能包含大幅度裁员，或是将寻求应用处理器开发伙伴。该报导指出，三年来，ST-Ericsson已经亏 损20亿美元，主要是因为来自大客户诺基亚(Nokia)与Sony Ericsson的营收大减七成。
笔者(EETimes资深编辑Peter Clarke)认为，意法应该要说服合资伙伴爱立信卖掉ST-Ericsson，而且最后的买主很可能是某家新崛起的中国厂商；对两家母公司来说，从一个已经失败的合资案中抽身而出，是能在最短时间内获利最多，或是至少停止亏损的选择。
本文下一页：ST-Ericsson为什么要卖？
本文授权编译自EE Times，版权所有，谢绝转载
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ST-Ericsson在三年之间亏损近20亿美元，积欠母公司债务达8亿美元；而且在情况似乎尚未有好转迹象，反而变得更糟。路透社报导指出，在去年底取代Gilles Delfassy担任ST-Ericsson首席执行官的Didier Lamouche，可能会以大幅裁员的组织重整策略来削减成本，而其终极目标，就是让ST-Ericsson的“卖相”看起来好一点。
针对传言内容，ST-Ericsson不予置评，仅在一份声明中强调，母公司意法与爱立信仍对这家合资公司有所承诺，特别是对意法来说，ST-Ericsson是其“多媒体融合策略的重要组成部分”──这是否透露了其实是爱立信比较想摆脱这家合资公司，巴望着意法能买下另五成股份？颇让人玩味。
无论对ST-Ericsson或是意法来说，可踌躇的时间都不多；值得一提的是，ST-Ericsson最近一期财报指出：“我们的股东仍持续支持我们的过渡性财务需求。”－－何谓“过渡”？这个“过渡”又要花多长的时间？但事实上，在意法的发展历程中，这家成立三年的合资公司扮演着船锚的角色。
确实，ST-Ericsson帮意法扛走了不少过去留下的问题，特别是对步履蹒跚的诺基亚这家客户之过度依赖；但是，把问题丢给由 ST-NXP Wireless (编按：2008年4月结合意法与NXP无线芯片部门所成立的一家公司)与爱立信组成的新合资公司，显然不是个有效方法。
另一家欧洲半导体大厂
英飞凌(Infineon)在几年前将通讯业务分割，其中有线芯片事业是独立为新公司Lantiq，无线芯片业务则是出售予英特尔。英飞凌首席执行官Peter Bauer在过去十年决定将公司焦点集中在并不那么光鲜亮丽、但利润较高的芯片业务，包括电源、汽车、工业与安全等应用产品；现在看来，其决策是非常明智。
恩智浦(
NXP)首席执行官Rick Clemmer也有类似的策略思考，试图将公司带离数个消费性市场，聚焦于与英飞凌类似的、高利润的混合讯号IC市场。NXP当然也已经摆脱了无线芯片业务，在稍早前将该业务出售，与意法合资成立ST-NXP Wireless。
在此同时，意法首席执行官Carlo Bozotti 打算进军数字移动多媒体领域，并试图藉由建立在欧洲市场的地位份量来赢得这场战争。但也许是Bozotti运气不佳，ST-Ericsson自诞生以来，全球经济景气大幅动荡，移动装置市场也剧烈变化。
对意法来说，是该接受这个合资公司计划失败，并将公司焦点集中在那些仍然表现良好、获利不错市场的时候了，例如该公司擅长的微机电系统(MEMS)，以及
汽车电子、微控制器，还有其它嵌入式应用领域。
本文下一页：如果要卖，卖给谁最好？
本文授权编译自EE Times，版权所有，谢绝转载
相关阅读：
• 分析师：惟有改革，才能救意法半导体！
• 诺基亚选择意法●爱立信作为Windows Phone设备供应商
• 何时才是ST-Ericsson的出头之日？dPMesmc
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虽然或许会有西方企业想藉由收购ST-Ericsson取得某些专利，笔者认为，来自远东的厂商对这桩交易可能兴趣更大。在传闻的ST-Ericsson潜在买主名单中，德州仪器应该不会想重回利润超级薄的智能手机市场；至于AMD或是英特尔可能有兴趣，但他们应该会在旁边观望好一阵子，直到ST-Ericsson的重整策略显现效果。
还有显然也想在手机领域闯一番事业的
Nvidia，不过该公司已经有自己的ARM核心Tegra系列应用处理器，并在2011年5月以近4亿美元收购基频/无线调制解调器芯片供货商Icera；收购ST-Ericsson的任何东西，都有可能会削弱Nvidia先前已经付出的努力。
那么还有谁会想从ST-Ericsson身上得到些好处？或许是来自中国的某些公司，又或许是苹果(Apple)； 后者曾藉由一些重新整合的过程，在移动装置产品策略中取得自行开发芯片的能力。也许以长远的眼光来看，被苹果或是英特尔收购会是一个最好的结果，因为能把 技术与工作机会留在西半球，但买下一家有如烫手山芋的芯片公司，并不符合苹果的行事风格。
苹果向来偏爱小型的新创IC设计公司，用最划算的条件换来所需的关键技术；ST-Ericsson身上背负的那些包袱不会是苹果想要的，甚至包括可拓展客户基础的能力。因此，把ST- Ericsson卖给像是中国电信设备大厂华为(Huawei)旗下芯片设计公司海思(HiSilicon)那样的企业，也许会是能在最短时间内为意法与爱立信带来最大价值的途径。
除了海思，其它中国芯片供货商可能也会对ST-Ericsson有兴趣，例如瑞芯 (Rockchip)、东芯(Xincomm)、联芯(Leadcore)、新岸线(Nufront)，还有展讯(Spreadtrum)；在这些公司里，分别与电信设备供货商华为、大唐(Datang)有密切关系的海思与联芯，又是最具可能性的。另外，台湾的联发科(Mediatek)，也是可能对收购案有兴趣的芯片设计业者。
就像大多数的芯片公司，ST-Ericsson也很关注中国市场，以及当地自有的
TD- SCDMA无线通讯标准；对于中国或是台湾的手机芯片业者来说，ST-Ericsson可带来应对TD-SCDMA标准的能力，以及取得其它进军全球3G / 4G通讯市场所需专利的机会，端看交易条件怎么谈。
不过，想收购ST-Ericsson，也不能低估地缘性的因素；对欧洲与西方世界来说，失去这样一家公司是件丢脸的事，或许有关单位会为了将技术与工作机会留在西方而出手干预。但欧洲能怎么做呢？这个大陆上有许多国家面临破产，很少有几个是成功的；也许拥有27个成员国的欧盟会试图让苹果或英特尔等大厂协助拯救ST-Ericsson。
着眼于欧洲消费性电子市场商机规模，苹果与英特尔会很想成为优良欧盟公民；如果能取得像是苹果这样在移动装置市场叱咤风云的大厂设计案，ST-Ericsson所面临的许多问题将迎刃而解──至少在该公司又一次被淘汰出局之前。
编译：Judith Cheng
本文授权编译自EE Times，版权所有，谢绝转载
相关阅读：
• 分析师：惟有改革，才能救意法半导体！
• 诺基亚选择意法●爱立信作为Windows Phone设备供应商
• 何时才是ST-Ericsson的出头之日？dPMesmc
参考英文原文：˙Update: Why ST should sell ST-Ericsson to China (Peter Clarke) &˙ Report: ST-Ericsson re-org is prep for sale (Peter Clarke)
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Why ST should sell ST-Ericsson to China
Peter Clarke
LONDON – Europe's largest chip company STMicroelectronics NV should persuade Ericsson AB that they sell off their mobile chip joint venture ST-Ericsson, but probably to some aspiring Chinese company. That is likely to produce the quickest and most profitable – or least loss-making – exit for the two parent companies from what has become a failed project.
ST-Ericsson is currently massively loss-making and has built up debts of $800 million with its parent companies over a three year period while losing nearly $2 billion. And things are slated to get worse before they get better.
According to a Reuters report Didier Lamouche, the CEO brought in to replace Gilles Delfassy late last year, is going to cut hard in a restructuring plan designed to take out cost – and that a trimmed down ST-Ericsson will start to look good for sale – eventually. However, the same report, quoting unnamed sources, said potential buyers in the western hemisphere, the likes of Intel and AMD, may want to wait one or two years to see the beneficial results of the cuts.
A spokesperson for ST-Ericsson said the company has no comment on the Reuters report but added that STMicroelectronics and Ericsson remain committed to the joint venture and that it is a fundamental part of ST's digital convergence strategy. It is interesting to note that ST-Ericsson is almost exactly three years old and that it may be Ericsson that wants to disengage from the joint venture and had expected ST to buy out its 50 percent.
I don't think ST-Ericsson or ST have that much more time. In a note in the most recent financial results ST-Ericsson said "Our shareholders will continue to support funding our transitional financial needs." This of course begs the question of "transition to what?" and "how long will that transition take?" The fact is that ST-Ericsson is a three-year old joint venture that has acted like a boat-anchor on the progress of STMicroelectronics.
It is true that ST-Ericsson wrapped up a lot of the previous problems of ST, specifically an overdependence on faltering Nokia as a customer, but pushing the problem into a joint-venture along with other European wireless chip business units belonging to NXP and Ericsson, was clearly not the solution.
ST compared with Infineon
Compare ST's plight with that of Infineon, which got out of communications through the spin-off of its wired chips into Lantiq Deutschland GmbH and the sale of its wireless business unit to Intel. In the later part of the last decade Infineon's CEO Peter Bauer decided to focus on some of the less glamorous but higher margin parts of the chip industry: power, automotive, industrial and security. How smart does that look now?
NXP has a similarly focused strategy with CEO Rick Clemmer taking the company out of a number of consumer markets and now pursuing similar markets to Infineon with high-performance mixed-signal ICs. NXP of course got out of mobile wireless by selling its business to create the joint venture.
Meanwhile ST's CEO Carlo Bozotti, wanted to compete in digital mobile multimedia and tried win through creating a repository of European critical mass. It is perhaps bad luck for Bozotti that the ST-Ericsson's existence has coincided with major upheavals in the global economy and in major changes in the mobile device market.
But it is time for ST to accept that the plan has not worked and to focus on the things that it continues to be good at and that earn good margins, which include such things as MEMS, where it is a world leader, automotive electronics, microcontrollers and embedded applications.
While it is possible that a western company might want to acquire ST-Ericsson and access to patents I think greater interest might come from further east. I don't think Texas Instruments wants to get back into the world of razor-thin margins in smartphones and the while the likes of AMD or Intel may have the appetite but are they going to sit on the sidelines too long waiting for the cuts have their effect.
Nvidia Corp. defnitely want to compete in this area but it has its own line of ARM-based Tegra application processors and is pursuing a modem strategy based on its purchase of Icera Inc. (Bristol England) for nearly $400 million in May 2011. Surely any deal for ST-Ericsson would undermine the value of what Nvidia has already paid.
Apple compared with China
The other question to ask is who has the means to make something of ST-Ericsson. I think that some companies from greater China do and perhaps Apple, which has been going through a process of re-integration to give itself the ability to develop and own chips during the roll out of its mobile device strategy.
An acquisition by Apple or Intel might be the best result for keeping technologies and jobs in the western hemisphere long-term but a big blockbuster chip company buy does not match Apple's methods to date. It has preferred to pick up small, young IC design groups that provide key technology or design capability at the best bang for buck.
Apple does not need all the baggage that would come with ST-Ericsson, or the ability to address multiple customers. Which is why a sale to a company such as HiSilicon Technologies Co. Ltd. (Shenzhen, China) backed by Huawei Technologies Co. Ltd. (Shenzhen, China) might extract the highest value in the shortest time for ST and Ericsson.
Other Chinese companies that might have an interest in ST-Ericsson could include Rockchip, Xincomm, Leadcore Technology, Nufront and Spreadtrum, Of these HiSilicon with its links with Huawei and Leadcore, aligned with Datang, would appear more likely. In Taiwan Mediatek Inc. (Hsinchu, Taiwan) is also a likely candidate.
Like most mobile chip companies ST-Ericsson has been looking to China and such things as the locally mandated and developed TD-SCDMA standard. For mobile chip companies in China or Taiwan ST-Ericsson could bring the means to address the standard as well as access to additional patents with which to address 3G and 4G markets around the world, depending on how the deal is structured.
However, the geopolitical nature of any such sale of ST-Ericsson should not be underestimated. It would be a loss of face for Europe and for the west and behind the scenes moves may be made to try and keep control of the technology and jobs in the west. But what can Europe do? It is a continent of many bankrupt nations and few successful ones. The 27-nation European Union could try to lean on the likes of Apple and Intel to have them step in and save ST-Ericsson. Apple and Intel want to be good European citizens because of the size of the consumer market the European Union represents.
Of course, such is the power of Apple in the mobile device market these days that one design win with Apple could make many of ST-Ericsson's problems go away – at least until they are designed out again.
Report: ST-Ericsson re-org is prep for sale
Peter Clarke
LONDON – Didier Lamouche, the CEO appointed in December at fabless mobile chip joint venture ST-Ericsson, is set to announce a re-organization before the end of the month, which will ready the company for sale, according to a Reuters report that quoted unnamed sources.
ST-Ericsson is massively loss-making and has built up large debts with its parent companies over the three year period since its formation in February 2009. There is no breakeven point in sight as so-called legacy products, those created before the formation of ST-Ericsson are declining rapidly while the new chip designs and platforms have, in many cases, yet to reach volume in a rapidly changing mobile phone market. The drag of ST-Ericsson on STMicroelectronics' financial results has been commented on by financial analysts who have called for ST to address the situation.
Potential buyers for ST-Ericsson could include Advanced Micro Devices Inc., Intel Corp., Nvidia Corp. and Texas Instruments, the Reuters report said quoting sources. However, they expect a deal to be delayed for a year or two until ST-Ericsson shows signs of a turnaround.
The restructuring due to be unveiled by Lamouche is likely to include major layoffs and could include seeking a partner on application processors, the report said.
ST-Ericsson has lost $2 billion in three years as revenues from key customers Nokia and Sony Ericsson shrank by 70 percent, the report said.
责编：Quentin
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