Philips and Tendris join forces to explore new sustainable business opportunities
* Philips acquires a 10% stake in Tendris Holding of the Netherlands
* Partnership underlines shared commitment to sustainable business solutions and leveraging sustainability as a key business driver
Amsterdam and Naarden, The Netherlands – Royal Philips Electronics (NYSE: PHG, AEX: PHI) announced today the acquisition of a minority interest in Tendris Holding, an innovative business incubator and operator in sustainable technology and services headquartered in the Netherlands. The partnership will explore new business opportunities in the area of sustainability. As part of the agreement, Philips has acquired a 10% equity stake in Tendris and will be represented in its Board of Directors. Financial details of the investment were not disclosed.
Today’s announcement marks Philips’ continued emphasis on sustainability as a business opportunity. In commenting on the deal, Rudy Provoost, CEO of Philips Lighting and Philips Board Member responsible for sustainability, said: “As a global health and well-being company, we firmly believe that the challenges around the health and well-being of our planet offer substantial business opportunities, creating value for our company as well as society at large whilst at the same time safeguarding our planet. Our two companies share a common vision that sustainable products and services, empowered with the right business models, will positively contribute to a better and higher quality of life for everyone on the planet while maintaining a vital profit when conducting business.”
Tendris has developed sustainable services and products in a number of industries. Current daughter companies are active in sustainable lighting solutions with Lemnis, financial services with ‘green’ credit cards via Repay International making carbon neutral purchasing possible, carbon neutral traveling (Greenbookings) and chemicals with Sparxxis, introducing a new coating with higher refractive index. Other concepts and technologies are under development in the field of medical technology, solar, bio-fuel, pump and clean water systems. Tendris was co-founder of Oxxio, a leading green energy supplier.
“We are delighted to welcome Philips as a partner in Tendris. This strategic relationship provides a unique platform for us to rapidly develop global sustainable activities with benefits to all parties involved. We feel that a partnership with Philips is a clear example that the development of sustainable yet market-driven mass scale solutions creates a win-win for consumers, producers and all other stakeholders. This partnership can help us a step closer to our mission to create a better world for everyone,” Friedwart Barfod, Director and co-founder at Tendris commented. “There will be no change in the focus or mission of Tendris as such. We will remain active in both the technical and non-technical industries. All activities, together with any new activities that Tendris will develop or may acquire, are screened and shaped for their potential positive environmental and social impact and the business will be developed accordingly,” Barfod added.
Tendris was advised by Sequoia as its financial advisor and Houthoff Buruma as its legal advisor.
Tendris is an internationally operating holding company, that initiates, operates and invests in innovative sustainable solutions. Tendris’ activities focus on offering sustainable products and services worldwide by working together with partners in the various countries. All products and services need to be beneficial for people and the environment. In Tendris’ view sustainable behavior should be rewarded. Tendris is founder and/or majority shareholder of Repay International (www.repay-international.com), Lemnis Lighting - recognized by The World Economic Forum as Technical pioneer - (www.lemnislighting.com), Greenbookings (www.greenbookings.com), Sparkxis and Siderian Ventures. Tendris exploits its own innovation lab that works closely together with various Dutch technical universities. Tendris has offices in Naarden (the Netherlands) and San Francisco (USA) and several strategic partnerships / joint ventures across the world. More information is available on www.tendris.nl
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 128,000 employees in more than 60 countries worldwide. With sales of EUR 27 billion in 2007, 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.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.