Conexant

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Conexant Systems, Inc.
Type Private
Industry Semiconductors
Founded January 1999
Headquarters Irvine, California, US
Key people Denis Regimbal, CEO
Revenue $120 million (Decrease $1.59M FY11 )
Employees 312 (2014)
Website www.conexant.com

Conexant Systems, Inc., is an American semiconductor company created in 1999, when Rockwell International spun off its semiconductor division to Rockwell shareholders as a public company. Over the next decade, Conexant spun off several business units as independent companies. Golden Gate Capital acquired Conexant in 2011. The company went through a Chapter 11 bankruptcy reorganization in 2013. Soros Fund Management acquired Conexant the same year.

History[edit]

Conexant Systems was formed as an independent entity when Rockwell International Corporation spun off its semiconductor business to shareowners. It was listed on the Nasdaq under symbol CNXT on January 4, 1999.[1] Dwight W. Decker was its chief executive, and it was based in Newport Beach, California.[1]

Conexant spun off several standalone businesses to create new companies, including Jazz Semiconductor (March 2002 – private), Skyworks Solutions (June 2002 – public), Mindspeed Technologies (June 2003 – public). Its Broadband Media Processing business was sold to NXP Semiconductors in August 2008. On August 24, 2009, Conexant sold its broadband access product Line to Ikanos Communications..[2]

In February 2011, private San Francisco investment firm Golden Gate Capital acquired Conexant Systems for $2.40 per share.[3][4]

In March 2013, Conexant filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware.[5] Sailesh Chittipeddi was chief executive at the time. A court approval allowed Conexant to swap their debts for all the equity of the company. As a result, the reorganized company was able to emerge bankruptcy and restart completely debt-free. They had to move their headquarters from Newport Beach to Irvine, California, and to thin out their product portfolio.[6]

Competitors[edit]

References[edit]

  1. ^ a b Conexant Systems (January 29, 1999). "Prospectus". Form S-3/A. US Securities and Exchange Commission. Retrieved October 23, 2013. 
  2. ^ "Ikanos Communications Completes Acquisition of Broadband Access Product Line from Conexant Systems, Inc.". Press release (Ikanos). August 24, 2009. Retrieved October 23, 2013. 
  3. ^ "Golden Gate Capital signs acquisition agreement with Conexant Systems, Inc."
  4. ^ Company Website -> Portfolio -> Semiconductors
  5. ^ Junko Yoshida (March 5, 2013). "How Conexant ended up filing for Chapter 11". EE Times. Retrieved October 25, 2013. 
  6. ^ "Conexant lays out post-Chapter 11 game plan"

External links[edit]