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Agilent to sell semiconductor-related businesses, focus solely on measurement

Agilent Technologies Inc. today announced it would sell its semiconductor products segment to Kohlberg Kravis Rober...


August 15, 2005  


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Agilent Technologies Inc. today announced it would sell its semiconductor products segment to Kohlberg Kravis Roberts & Co. (KKR) and Silver Lake Partners for US$2.66 billion, sell its stake in Lumileds to Royal Philips Electronics for US$950 million plus repayment of US$50 million of debt from Lumileds, and spin off its System on a Chip and Memory Test businesses as soon as practical in 2006.

As part of its repositioning as a “pure play” measurement company, Agilent expects to reduce its costs by US$450 million as well as trim an estimated 1,300 jobs.

The reduction will be accomplished through a combination of employee transfers to the divestiture and spin-off, attrition, and work force reduction, the company said.

Agilent said it expects the restructuring to be largely completed by the middle of next year.