Philips Consumer Electronics Announces Sale of Greeneville, Tn. Printed Circuit Board Plant.ATLANTA--(BUSINESS WIRE)--July 25, 1997--Philips Consumer Electronics Company (PCEC PCEC Panasonic Consumer Electronics Company PCEC Prostate Cancer Education Council PCEC Purified Chick Embryo Cell Vaccine (Rabies Vaccine) PCEC Philippine Council of Evangelical Churches ) today announced the sale of its state-of-the-art printed circuit board manufacturing facility located in Greeneville, Tennesee, to Circuit Systems Inc. Under terms of the sale, Circuit Systems Inc., a leading Chicago area PCB PCB: see polychlorinated biphenyl. PCB in full polychlorinated biphenyl Any of a class of highly stable organic compounds prepared by the reaction of chlorine with biphenyl, a two-ring compound. manufacturer, will assume ownership of the plant and will begin operations effective July 28. Circuit Systems, Inc. will continue to process single-sided PCBs used in final production of Philips television sets and other consumer electronics products, in addition to processing PCBs for third parties. "Our advanced PCB fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. technology and capacity for expanded utilization provides Circuit Systems Inc. with the opportunity to increase the plant's customer base beyond Philips," said Robert Minkhorst, PCEC president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "At the same time our relationship with Circuit Systems Inc. offers Philips access to a strong manufacturing partner." Philips' 90,000-square foot PCB facility, known as plant 4, began operations in 1991 and currently employs over 100 salaried and hourly workers. Philips Consumer Electronics Philips Consumer Electronics is a part of Koninklijke Philips Electronics N.V. (usually known as Philips); and is one of the largest electronics companies in the world. In 2005, its sales were € 30.4 billion (US$38. Company designs manufacturers, markets and services Philips Magnavox consumer, professional and commercial electronics products. PCEC, with headquarters in Atlanta, is a division of Philips Electronics North America Corporation, with more than $7 billion in annual sales and corporate headquarters in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . PCEC is also part of Philips Electronics, N.V., with approximately $41 billion in annual sales and based in Eindhoven, the Netherlands. Philips Magnavox maintains a site on the World Wide Web at http://www.philips.com CONTACT: Philips Electronics Jill Greenman, 770/821-2236/2358 or The Dilenschneider Group Ken Trantowski, 312/553-0700 |
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