Agilent Technologies Inc. today announced it would sell its semiconductor products segment to Kohlberg Kravis Rober...
August 15, 2005
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.