Printer Friendly

FLUKE COMPLETES ACQUISITION OF PHILIPS' TEST AND MEASUREMENT BUSINESS

 EVERETT, Wash., May 25 /PRNewswire/ -- John Fluke Mfg. Co. Inc. (AMEX: FKM; PSE) and Philips Electronics N.V. (NYSE: PHG) of Eindhoven, The Netherlands, jointly announced today that Fluke stockholders, at a special stockholders' meeting held yesterday, approved the acquisition of most of Philips' test and measurement business, according to Fluke. The ownership of the business will be transferred from Philips to Fluke tomorrow, May 26.
 Philips' board of management had approved the transaction earlier this year.
 As previously announced, Fluke is acquiring all of the shares of a newly created Dutch holding company in exchange for $33.8 million in cash (subject to an adjustment based upon an April 30, 1993, balance sheet audit), one million shares of Fluke common stock and the potential for additional cash payments to Philips based upon the operating results of Fluke over the next three years.
 Fluke is acquiring manufacturing, marketing and research and development operations in Almelo and Heerlen, The Netherlands, product marketing and development operations in Eindhoven, The Netherlands, and Hamburg, Germany, and sales and service operations in 14 European countries. These operations employ approximately 920 employees, which will transfer to Fluke with the acquired business. Fluke will also employ additional Philips personnel in certain support functions. The acquired business will include the ScopeMeter(R) test tools, oscilloscope, logic analyzer and function generator product lines.
 "This acquisition is the most significant in Fluke's history and will add to our company's strengths in many ways," said Bill Parzybok, Fluke's chairman and chief executive officer. "We are looking forward to working closely with our new team members as we build a stronger future together."
 "Based on the experience we have gained from the productive alliance we have had with Fluke since 1987, we are convinced that this transaction is in the best interests of both customers and employees," said Fred Bok, chairman and chief executive officer of Philips' Industrial Electronics division, of which the test and measurement business was part. "We consider this transaction to be the best answer to the fierce worldwide competition that exists in this business today."
 Fluke's mission is to be the leader in compact, professional electronic test tools. Fluke focuses on customers in service, manufacturing test and quality functions in a variety of industries. Founded in 1948 and headquartered in Everett, Fluke produced revenues of $271.8 million in its most recent 12-month fiscal year, ended Sept. 25, 1992.
 Philips Electronics is one of the world's largest electronics companies, with sales of $32.3 billion in 1992 and, as of March 31, 1992, 257,500 employees worldwide. Its products include lighting, consumer electronics, components, semiconductors, communications systems, medical systems, industrial electronics, domestic appliances and personal care products. Its shares are traded on 17 stock exchanges in the world, including The New York Stock Exchange, and the stock exchanges in London and Amsterdam.
 -0- 5/25/93
 /CONTACT: Liane M. Woodward, manager, Investor Relations, of John Fluke Mfg., 206-356-5566/
 (FKM PHG)


CO: John Fluke Mfg. Co. Inc.; Philips Electronics N.V. ST: Washington IN: CPR SU: TNM

LM-AL -- SE002 -- 1969 05/25/93 07:55 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 25, 1993
Words:517
Previous Article:ACCOLADE TO FEATURE PERSONALITIES AND 'GAMES WITH PERSONALITY' AT THE CONSUMER ELECTRONICS SHOW IN CHICAGO
Next Article:CELLPRO COMPLETES PATIENT ENROLLMENT FOR PHASE III LICENSING TRIAL OF CEPRATE SC STEM CELL SEPARATION SYSTEM
Topics:


Related Articles
FLUKE, PHILIPS INTEND TO MERGE ALLIED TEST & MEASUREMENT BUSINESSES
FLUKE ELECTS NEW VICE PRESIDENT, REORGANIZES OPERATIONS
FLUKE'S BOARD OF DIRECTORS APPROVES THE ACQUISITION OF PHILIPS ELECTRONICS N.V. T&M BUSINESS
SEC CLEARS FLUKE PROXY MATERIALS RELATING TO THE ACQUISITION OF PHILIPS TEST & MEASUREMENT BUSINESS
FLUKE REPORTS OPERATING RESULTS FOR FIRST QUARTER 1994
FLUKE REPORTS OPERATING RESULTS FOR FOURTH QUARTER AND FISCAL YEAR 1994
FLUKE CORPORATION REGISTERS SHARES OF COMMON STOCK OWNED BY PHILIPS ELECTRONICS N.V.
FLUKE CORPORATION ANNOUNCES BOARD RESIGNATIONS
FLUKE CORPORATION REGISTERS SHARES OF COMMON STOCK OWNED BY PHILIPS ELECTRONICS N.V.
Fluke Corporation Registers Shares of Common Stock

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters