Intel's New CEO Brian Krzanich Makes First Acquisition
Barely two weeks into his new role as CEO of Intel, Brian Krzanich has already signaled his intent to increase Intel's efforts in the mobile space. Intel has just confirmed that it has acquired the satellite navigation chip unit of ST-Ericsson. The move will strengthen the company's GPS assets as it continues to battle in the mobile chip business against companies such as Qualcomm and NVIDIA.
The satellite navigation chip business had been a joint venture between STMicroelectronics and Ericsson. The money losing venture is reported to have made a loss of $158 million on sales of $256 million in the first quarter of 2013 alone.
Krzanich has also created a new mobile devices unit in Intel and has appointed Mike Bell, a former Palm and Apple executive, to head this new business unit. This new group will look at emerging trends in the mobile industry and also ultra-mobile products.