SAN FRANCISCO—NXP Semiconductors NV said Wednesday (April 19) it sold its 27% remaining stake in Advanced Semiconductor Manufacturing Corp. Ltd. (ASMC), a chip foundry based in China.

ASMC began as a joint venture in the late 1980s between the Chinese Government and Royal Philips Electronics NV , the Dutch giant that eventually spun off NXP.

ASMC, originally known as Philips Semiconductor Shanghai, exclusively made chips for Philips for years. It has two 8-inch wafer fabs in Shanghai.

NXP (Eindhovern, the Netherlands) said it sold its 421.45 million shares, representing 27.47% ownership of ASMIC, for $53.7 million to Shanghai Pudong Science and Technology Investment Co. Ltd.

To read the rest of this blog, visit EBN sister site EE Times.