PHILIPS SELLS HIGH TECH PLASTICS OPTICS IN SUZHOU, CHINA TO TRIUMPH PAN-PACIFIC CAPITAL LTD. OF HONG KONG


Amsterdam, the Netherlands - Royal Philips Electronics (NYSE: PHG, AEX: PHI) today announced it has sold a 90% stake in its High Tech Plastics (HTP) Optics business in Suzhou, China to Triumph Pan-Pacific Capital Limited of Hong Kong for an undisclosed amount. Philips expects to record a loss of approximately EUR 12 million in its first quarter results as a result of the sale of these activities. HTP Optics Suzhou manufactures plastic, high-precision lenses used in camera phones, compact disc and DVD readers, and in scanners. The company employs approximately 300 people, primarily in Suzhou, China.
 The sale of the majority stake in HTP Optics Suzhou represents another step Philips is taking to focus on its Healthcare, Lighting and Consumer Lifestyle activities supported by the strength of the company’s brand. HTP Optics Suzhou was part of Philips’ Corporate Investments portfolio within Philips’ Innovation & Emerging Businesses sector.
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