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Technology Stocks : Agilent Technologies (A)
A 147.51+0.5%Nov 6 3:59 PM EST
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To: Chris L. who started this subject11/17/2000 8:09:18 AM
From: kumar  Read Replies (1) of 620
 
AMSTERDAM, Nov 17 (Reuters) - Philips Electronics NV said on Friday it had agreed to buy Agilent Technologies Inc's Healthcare Solutions Group (HSG) for $1.7 billion. "The acquisition of HSG would enable Philips Medical Systems (PMS) to extend its scope considerably and to enter into new, high growth segments," Philips said in a statement.

HSG has a portfolio of more than 400 healthcare products and services and posts annual sales of $1.5 billion. The firm has about 5,000 employees and operates in more than 100 countries.

In the first nine months of 2000, HSG posted net revenues of $1.05 billion and an operating loss of $53 million, including one-off charges.

The acquisition follows the takeover earlier this week of ADAC Laboraties for $426 million. Philips said that, including these recent buys, it had invested more than $4 billion in its Medical Systems business over the past two years.

"This will put Philips Medical Systems in a good position to be a strong world player in this industry and provide our shareholders with a valuable proposition to generate significant value," Philips' Chief Executive Cor Boonstra said in the statement.

Philips is Europe's largest maker of consumer products, lighting and semiconductors.
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