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Electronics Production | September 07, 2010

Philips sells NXP equity stake

Dutch electronics giant Royal Philips Electronics sells its entire NXP equity stake to UK pension fund.

Royal Philips Electronics will make a cash contribution of EUR 350 million, on September 7, 2010 to the Philips UK pension fund, as part of the Philips UK pension fund’s recovery plan. This contribution is a funding transaction and therefore has no impact on Philips’ earnings. The Trustees of Philips UK pension fund will use this contribution to purchase from Philips its entire equity stake in NXP. The sale of NXP shares will lead to a EUR 140 million gain that Philips will report under Financial income in the third quarter of 2010.
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