Philips to sell Enabling Technologies Group to VDL Groep
Wednesday, August 16, 2006, Amsterdam and Eindhoven, The Netherlands– Royal Philips Electronics (NYSE:PHG, AEX:PHI) andVDL Groep today announced that they have signed a letter of intent for VDL Groep to acquire Philips Enabling Technologies Group (ETG). Subject to regulatory approvals, the transaction is expected to close in the fourth quarter of 2006. No financial details of this transaction were disclosed.
Philips ETG, with annual revenues of EUR 231 million in 2005, is a leading manufacturer, developer and supplier of precision components and mechatronic (sub) systems used for industrial equipment. Philips ETG’s headquarters are based in Eindhoven. The group employs approximately 1650 people, of which about 1100 in The Netherlands.
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is one of the world’s biggest electronics companies and Europe’s largest, with sales of EUR 30.4 billion in 2005. With activities in the three interlocking domains of healthcare, lifestyle and technology and 158,000 employees in more than 60 countries, it has market leadership positions in medical diagnostic imaging and patient monitoring, color television sets, electric shavers, lighting and silicon system solutions. News from Philips is located at www.philips.com/newscenter
About VDL Groep
VDL Groep, with its head offices in Eindhoven, is an international company focused on the development, production and sales of semi-manufactured and finished products. In total, the group, with approximately 5,300 employees, consists of more than 70 subsidiaries spread over 13 countries. In 2005, VDL Groep had a net turnover of EUR 991 million and a net profit of EUR 50 million. In the supply sector, VDL specialises in metalworking, plastics processing, system supply and surface treatment. The bus & coach division includes coaches, chassis modules, public transport buses, mini and midi buses. The finished products sector comprises suspension systems for the automotive industry, production automation systems, heating, cooling and air-technical systems, systems for the oil, gas and petrochemical industry, sunbeds and roof boxes, systems for the agricultural sector, cigar-making and packaging machines, container handling equipment, medical systems and production systems for optical media.
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.
- Contact Information
- Jeannet Harpe
- Philips Corporate Communications
- Royal Philips Electronics of the Netherlands
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