Koninklijke Philips Electronics NV
15 August 2002
PHILIPS AND RABOBANK ANNOUNCE FINANCING JOINT VENTURE IN NORTH AMERICAN MARKET
Amsterdam, Eindhoven, The Netherlands, August 15, 2002 - Philips Medical
Systems, a division of Royal Philips Electronics (NYSE: PHG, AEX: PHI), and
Rabobank Group's subsidiary De Lage Landen International today announced the
setting up of a joint venture to provide financing for the purchase of the full
range of diagnostic imaging equipment produced by Philips Medical Systems
throughout the United States. The new joint venture will be called Philips
Medical Capital and will be based in Wayne, Pennsylvania (United States). De
Lage Landen will own a majority stake (60 percent) in the joint venture and will
have operational control and will treat it as a fully consolidated subsidiary.
With the completion of Philips' multi-billion dollar, three-year acquisition of
ATL Ultrasound, ADAC Laboratories, Agilent's Healthcare Solutions group and
Marconi Medical Systems, this new venture will expand the availability of
products and services offered by Philips and strengthen its overall position in
'We are very pleased to be announcing this initiative today' said Hans Barella,
CEO Philips Medical Systems. 'This financial program complements our innovative
products and professional services in being able to provide a more complete
solution to meet the needs of our customers. Given the growth of Philips Medical
Systems, the creation of Philips Medical Capital ensures that we can deliver the
best solutions in North America '.
Karel Schellens, CEO of De Lage Landen International , said, 'It is with great
pride that we announce this exciting joint venture with Philips Medical Systems.
It will possess the resources and expertise in vendor finance to provide Philips
Medical Systems customers with comprehensive solutions.'
For further information, please contact:
Andre Manning, Philips Corporate Communications, tel: +31 20 59 77 199
Terry Fassburg, Philips North America, tel: +1 212 5360810
De Lage Landen Financial Services, Ted Radomile
Tel: 1 610 386 5830, e-mail: email@example.com
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands is one of the world's biggest
electronics companies and Europe's largest, with sales of EUR 32.3 billion in
2001. It is a global leader in color television sets, lighting, electric
shavers, medical diagnostic imaging and patient monitoring, and one-chip TV
products. Its 184,000 employees in more than 60 countries are active in the
areas of lighting, consumer electronics, domestic appliances, components,
semiconductors, and medical systems. Philips is quoted on the NYSE (symbol:
PHG), London, Frankfurt, Amsterdam and other stock exchanges. News from Philips
is located at www.philips.com/newscenter.
About De Lage Landen International B.V.
De Lage Landen International B.V. is a provider of high-quality asset-based
financing products. The company, headquartered in Eindhoven (Netherlands), has
offices and joint ventures in 17 countries throughout Europe and the Americas.
Specialising in asset financing and vendor finance programs internationally and
concentrating domestically on a broad range of leasing and trade finance
products, De Lage Landen grew its net profit to €92.2 million (US $82.4 million)
and its balance sheet total to €11.7 billion (US$10.3 billion) in 2001.
Additional information can be found at www.delagelanden.com. The company is a
wholly owned subsidiary of the triple-A rated Rabobank Group of the Netherlands,
recently named the 'world's top safest bank' by Global Finance magazine.
About The Rabobank Group
The Rabobank Group (http://www.rabobank.com) is a broad financial services
provider. Its cooperative foundation has given it a clear customer focus. All
the divisions of the Group work in close cooperation in order to jointly offer
customers the best possible price-quality ratio and a wide range of financial
services and products, such as payment, saving, lending, insuring and investing.
The Group consists of about 360 independent local cooperative Rabobanks, which
together have more than 950,000 members, and encompasses well-known subsidiaries
and entities such as Robeco, Interpolis, Schretlen and Co., Effectenbank
Stroeve, Rabobank International, De Lage Landen, Rabo Vastgoed and Gilde
Investment. The group is represented internationally with 143 locations in 34
countries. The Rabobank Group has received the highest credit rating from the
major rating institutes. In its Dutch home market, the Rabobank Group has nine
million private and business customers and is a market leader in virtually every
area of financial services.
'Safe Harbor' Statement under the Private Securities Litigation Reform Act of
This document contains certain forward-looking statements with respect to the
financial condition, results of operations and business of Philips and certain
of the plans and objectives of Philips with respect to these items. By their
nature, forward-looking statements involve risk and uncertainty because they
relate to events and depend on circumstances that will occur in the future.
There are a number of factors that could cause actual results and developments
to differ materially from those expressed or implied by these forward-looking
statements. These factors include, but are not limited to, levels of consumer
and business spending in major economies, changes in consumer tastes and
preferences, the levels of marketing and promotional expenditures by Philips and
its competitors, raw materials and employee costs, changes in future exchange
and interest rates (in particular, changes in the euro and the US dollar can
materially affect results), changes in tax rates and future business
combinations, acquisitions or dispositions and the rate of technical changes.
Market share estimates contained in this report are based on outside sources
such as specialized research institutes, industry and dealer panels, etc. in
combination with management estimates.
This information is provided by RNS
The company news service from the London Stock Exchange