Royal Philips Electronics and Bosch recently announced a preliminary agreement regarding the sale of Philips' business unit Communication, Security & Imaging (CSI). Completion of the transaction, which is subject to customary consultation procedures with trade unions and workers councils and clearance by the competition authorities, is expected to take place later this year. Financial details were not disclosed.
Philips CSI is headquartered in Eindhoven, the Netherlands, operating in 35 countries worldwide and employing approximately 1300 people, all of whom will transfer to Bosch. CSI designs, manufactures, sells and supports a broad range of professional communication and security products and systems including closed-circuit video surveillance (CCTV), congress and public address systems. CSI enjoyed sales of over EUR 300 million in 2001.
With the acquisition, Bosch will strengthen its market position in systems and components for video surveillance, where it already employs 4200 people. This acquisition will also give Bosch access to international markets for security systems, especially in North America, South East Asia and China.
For further information: Philips CSI, 011 471 5250, firstname.lastname@example.org
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