Eindhoven-based chip company NXP has agreed to sell its Standard Products division to Chinese investors Beijing Jianguang Asset Management and Wise Road Capital for $2.75bn.

The unit, which has a worldwide workforce of 11,000, will operate under the name Nexperia and will be headquartered in the Netherlands. Last year the unit booked sales of $1.2bn, NXP said in a statement.

NXP said it will use the proceeds of the sale to invest in the production and development of more complex chips. The company has 44,000 employees in more than 35 countries and posted sales of $6.1bn in 2015.

Last year, NXP sold its performance amplifier division to Chinese state-owned company JAC Capital for $1.8bn.