Philips sells entire NXP equity stake to UK pension fund
Amsterdam, The Netherlands – Royal Philips Electronics (AEX: PHI, NYSE: PHG) announced today that it will make a cash contribution of EUR 350 million, on September 7, 2010 to the Philips UK pension fund, as part of the Philips UK pension fund’s recovery plan. This contribution is a funding transaction and therefore has no impact on Philips’ earnings. The Trustees of Philips UK pension fund will use this contribution to purchase from Philips its entire equity stake in NXP.
The sale of NXP shares will lead to a EUR 140 million gain that Philips will report under Financial income in the third quarter of 2010.
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is a diversified health and well-being company, focused on improving people’s lives through timely innovations. As a world leader in healthcare, lifestyle and lighting, Philips integrates technologies and design into people-centric solutions, based on fundamental customer insights and the brand promise of “sense and simplicity”. Headquartered in the Netherlands, Philips employs approximately 116,000 employees in more than 60 countries worldwide. With sales of EUR 23 billion in 2009, the company is a market leader in cardiac care, acute care and home healthcare, energy efficient lighting solutions and new lighting applications, as well as lifestyle products for personal well-being and pleasure with strong leadership positions in flat TV, male shaving and grooming, portable entertainment and oral healthcare. News from Philips is located at www.philips.com/newscenter.
This release may contain certain forward-looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respect to these items. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
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