Gelderland scraps NXP subsidy

The province of Gelderland has stopped a €500,000 subsidy to chip maker NXP because of the multimillion euro bonuses being paid to the company’s directors, the Telegraaf reports on Friday.

The money was earmarked for a new NXP unit in Eindhoven itself, aimed at strengthening technological expertise in the region, the paper says.
The province says it is unacceptable that NXP is paying directors hefty bonuses while at the same time sacking thousands of staff.
NXP, formerly Philips Semiconductors, has frozen staff salaries because of the recession. But four former directors are due to collect a total €14.4m in bonuses over 2008, the Eindhoven’s Dagblad says.

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