Philips has announced that they've sold its Optical Media & Technology (OM&T) activities to Moser Baer India. Under the agreement, all intellectual property created by OM&T will be transferred to Moser Baer.
The sale of OM&T is part of Philips' program to divest certain components businesses, which have to that end been placed in its Corporate Investments portfolio. This transaction represents another step Philips is taking to focus on its Healthcare, Lifestyle and Technology activities supported by the strength of the company's brand.
OM&T employs approximately 50 people in Eindhoven and had turnover in 2006 of approximately EUR 10 million. The transfer of ownership to Moser Baer is effectuated retroactively from January 1, 2007.
According to other sources, Moser Baer hopes that by purchasinging OM&T, they can jump start their Blu-ray media business. More information about the acquisition is available on Philips' website.
