Posted in | News | Business | Electronics | Aerospace Materials

Philips Divests Philips Aerospace to Italian Avio Group

Jun 10 2005

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Royal Philips Electronics and the Avio Group have 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.

http://www.philips.com

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