Philips Semiconductor has renamed itself, becoming NXP after 50 years as the semiconductor division of the Dutch electronics giant.

NXP stands for "Next Experience," the company said, apparently unaware that Microsoft had named Windows XP for the same reason five years ago. The name change comes after a group of private equity firms led by Kohlberg Kravis Roberts (KKR), bought an 80.1 percent stake in the company, and is accompanied with its own "brand campagin website" at what-if-you-could.com.

At "What if you could", Steve, a lime-green shirted chum, asks "what if you could be born twice?" before giving a upbeat tour of the new company, which appears to be the same as the old company except for being called something different. NXP, in fact. NXP's new site is at nxp.com.

Philips has retained a 19.9 percent stake in the chip maker and Frans van Houten will continue as the company's chief executive officer. The new shareholders will invest €1 billion in research and development, the company said, but did not specify over what period.

The company will maintain its headquarters in Europe, with a total of about 37,000 employees in 20 countries.