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Philips intends to sell its Speech Processing business to Invest AG

May 15, 2012

Amsterdam, the Netherlands – Royal Philips Electronics (NYSE:PHG, AEX:PHI) today announced that it intends to sell its Speech Processing business to Invest Unternehmensbeteiligungs Aktiengesellschaft AG (Invest AG), a private equity fund of the Raiffeisen Banking Group Upper Austria. Financial details of the proposed transaction will not be disclosed. The transaction, which is subject to the advice of the works council and customary regulatory filings, is expected to be completed in the second quarter of 2012.

 

Speech Processing is part of the Lifestyle Entertainment business within the Philips Consumer Lifestyle sector. The proposed sale supports the repositioning of the sector.

 

Speech Processing, with headquarters in Vienna and established in 1954, is a worldwide leading company in professional dictation systems. The business employs approximately 170 people worldwide.

For further information, please contact:

Joost Akkermans
Philips Corporate Communications
Tel: +31 20 5977 406
E-mail: joost.akkermans@philips.com

 

Andreas Szigmund
Invest AG
Tel: +43 732 6596 2450
E-mail: szigmund@investag.at

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About Royal Philips Electronics

Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is a diversified health and well-being company, focused on improving people’s lives through meaningful innovation. As a world leader in healthcare, lifestyle and lighting, Philips integrates technologies and design into people-centric solutions, based on fundamental customer insights and the brand promise of “sense and simplicity.” Headquartered in the Netherlands, Philips employs approximately 122,000 employees with sales and services in more than 100 countries worldwide. With sales of EUR 22.6 billion in 2011, the company is a market leader in cardiac care, acute care and home healthcare, energy efficient lighting solutions and new lighting applications, as well as lifestyle products for personal well-being and pleasure with strong leadership positions in male shaving and grooming, portable entertainment and oral healthcare. News from Philips is located at www.philips.com/newscenter.

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About Invest AG

Invest AG is the investment holding company of the Raiffeisen Banking Group of Upper Austria and is headquartered in Linz, Austria. Invest AG makes entrepreneurial investments in medium-sized companies in Austria and in the southern Germany. As an evergreen-Fund with unlimited term Invest AG is able to realize longer-term investments. Invest AG finances and structures expansions, M&A transactions, Management Buy Outs and Management Buy Ins as well as Carve-Outs. Since its foundation in 1994 Invest AG invested in 127 companies in different industries like automotive, plant construction and engineering, industrial goods and services, wholesale and retail as well as consumer products. The current portfolio of Invest AG comprises 29 companies.

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