Royal Philips Electronics (PHG, PHGFF.PK) said it plans to sell its Speech Processing business to Invest Unternehmensbeteiligungs Aktiengesellschaft AG, a private equity fund of the Raiffeisen Banking Group Upper Austria. Financial details of the proposed transaction would not be disclosed. The transaction, subject to the advice of the works council and customary regulatory filings, may close in the second quarter of 2012.
Headquartered in Vienna, Speech Processing is part of the Lifestyle Entertainment business within the Philips Consumer Lifestyle sector. The proposed sale supports the repositioning of the sector. The business employs nearly 170 people worldwide.
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