Philips To Sell Medical Display Provider To Belgium's Barco

Dutch electronics company Royal Philips NV (PHIA.AE) said Friday it will sell its subsidiary FIMI, a medical display provider, to Barco NV (BAR.BT), a Belgian display technology company.

MAIN FACTS:

-The transaction value at closing, to be paid in cash, is EUR19 million and the contract provides for an additional earn-out of EUR10 million over the next five years.

-The transaction, which will have no material impact on earnings before interest, tax and amortization, is subject to certain customary conditions being met and is expected to close around the end of 2009.

-FIMI generated revenues of EUR 42 million in 2008, and employs around 80 permanent employees, predominantly based in Saronno, Italy.

-The divestment is in line with Philips Healthcare's strategy to divest non-core activities and focus on expanding its growth platforms, such as Home Healthcare Solutions and Imaging Systems.

- By Amsterdam Bureau, Dow Jones Newswires; amsterdam@dowjones.com

Barco NV (EU:BAR)
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