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Philips to sell shareholding in Philips-Neusoft Medical Systems
As part of the proposed transaction, a team of up to 150 engineers and supporting staff will transfer from the PNMS joint venture to Philips’ new development center in Shenyang.
Royal Philips Electronics has entered into a term sheet to sell its 51 percent shareholding in the Philips-Neusoft Medical Systems (PNMS) joint venture between Philips and Neusoft Medical Systems, a subsidiary of Neusoft Corporation, in Shenyang, China, to Neusoft Medical Systems and its overseas associates.
As part of the proposed agreement, a team of approximately 100 to 150 Computed Tomography (CT) system and component engineers and supporting staff will transfer from the joint venture to a new development center of Philips in Shenyang. Financial details of the proposed transaction were not disclosed.
The signing of the definitive agreements and subsequent closing is expected to take place before the end of 2013. The closing of the transaction is subject to the relevant shareholder and regulatory approvals.
