Royal Philips Electronics to Sell Speech Processing Business
Royal Philips Electronics announced it is selling its Speech Processing business to Invest Unternehmensbeteiligungs Aktiengesellschaft, a private equity fund of the Raiffeisen Banking Group Upper Austria.
Financial details of the proposed transaction were not disclosed. The transaction 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 leading company in professional dictation systems. The business employs approximately 170 people worldwide.