Philips Semiconductors is a company that specializes in the design, manufacturing, and sales of integrated circuits. The company was originally named Philips Semiconductor VLSI, Inc., and it was later renamed Philips Semiconductors in February 2000. Philips Semiconductors is a global leader in silicon systems and standard products for wireless communication, digital entertainment, computing, and automotive applications. The company is headquartered in Eindhoven, the Netherlands, and employs over 33,000 people in more than 50 countries. In 2003, Philips Semiconductors had a sales revenue of approximately 4.9 billion euros, making it one of the top semiconductor suppliers in the world. In 2006, Philips Semiconductors changed its name to NXP, a company founded by Philips. After operating for 53 years as a part of Royal Philips, NXP became an independent entity. The headquarters of NXP Semiconductors is still located in Eindhoven, the Netherlands. NXP Semiconductors, with its years of innovation and extensive portfolio of intellectual property, has become the second largest semiconductor company in Europe.