Ericsson to Write Off STMicro Joint Venture

Ericsson said Thursday it would write off the full value of its loss-making ST-Ericsson joint venture with STMicroelectronics NV, opting not to take full ownership after its partner said it would pull out.

Ericsson, the world’s largest maker of mobile-network equipment, will take an 8 billion Swedish kronor ($1.22 billion) charge in the fourth quarter. Last week, Franco-Italian chip maker STMicroelectronics said it plans to exit the struggling cellphone-chip joint venture, which has faced a plummeting business making chips for cheap phones and trouble getting traction with smartphone makers.

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