Amsterdam, the Netherlands – Royal Philips Electronics (NYSE: PHG, AEX: PHI) announced today that it intends to sell a majority stake in Assembléon to H2 Equity Partners, an independent private equity firm. Philips will retain a 20 percent stake in Assembléon once the transaction, which is subject to the advice of the works council and customary regulatory filings, is completed.
Assembléon, with headquarters in Veldhoven, the Netherlands, is a global supplier of so-called surface mount technology pick & place solutions for the electronics manufacturing industry. The company, which employs just over 400 people, generated sales of EUR 92 million in the first nine months of 2010.
Financial details of the proposed transaction will not be disclosed.