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ST-Ericsson parents say working with external advisor on strategy

US-ERICSSON:ST-Ericsson parents say working with external advisor on strategy

STOCKHOLM (Reuters) - ST-Ericsson's owners Ericsson and STMicroelectronics are working with an external advisor on the future strategy of the loss-making chip-maker, they said on Tuesday.

The comments follow media reports that STM and Ericsson had engaged U.S. investment bank JP Morgan to review all strategic options, including the search for a new partner or the sale of some assets.

"The two parent companies, together with ST-Ericsson, are currently working with an external advisor in order to ensure the best possible future for ST-Ericsson," the companies said in a statement.

Ericsson and STMicroelectronics said they supported ST-Ericsson in its ongoing cost cutting program.

(Reporting by Simon Johnson)

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