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Profil
& News PHILIPS
Philips announces divestment
of Philips Aerospace to Italian Avio group
Tuesday, June 07, 2005
Amsterdam, The Netherlands,
Turin, Italy; - Royal Philips Electronics (AEX: PHI, NYSE:PHG) and the
Avio Group, a world leader in the field of aerospace propulsion, today
announced that the Avio Group has acquired from Royal Philips Electronics
an 80% share of the aeronautical operations of Philips Aerospace.
Parties have granted each
other irrevocable option rights to acquire, respectively to sell, the remaining
20% of the shares.
Philips Aerospace is located
in Eindhoven, the Netherlands, and produces complex components for the
world's leading aerospace manufacturers, such as General Electric, Boeing,
Rolls Royce, Lockheed Martin and BAE Systems.
After its divestment from
Philips, the new company will be named DutchAero B.V. Philips Aerospace
provides work for about 100 employees, who will be transferred to the new
company. Financial details of the transaction are not being disclosed.
For further information:
Andre Manning
Philips Corporate Communications
Tel +31 20 59 77 199
email andre.manning@philips.com
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 30.3 billion
in 2004. With activities in the three interlocking domains of healthcare,
lifestyle and technology and 160,900 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
Forward-looking statements
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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