Royal Philips To Sell Unit
Sep. 28, 1999
AMSTERDAM, Netherlands (AP) _ Royal Philips Electronics NV, one of the world's largest consumer electronics manufacturers, said Tuesday that it plans to sell off its Strategic Projects division.
The division, which sells electronic networks for purposes such as television studios, industrial parks and airports, had sales of $424 million in 1998 and employed 1,350 people.
Philips said it has started discussions with ``a number of companies'' but didn't identify potential buyers or say how much it expects to make from the sale.
The company, which had overall sales of nearly $34 billion last year, said it decided to jettison the division after a strategic review showed that it ``no longer fits within the overall portfolio of the Philips group.''