Tuesday, November 25, 2003
Philips sets up chip venture with China's Jilin
Reuters Beijing, November 25
Dutch electronics maker Philips Electronics has set up a semiconductor venture in China with Shanghai-listed Jilin Sino-Microelectronics Co Ltd, an executive with the Chinese firm said on Tuesday.
Sources close to Philips said such an alliance could range from development and marketing to manufacturing of special function chips.
A source familiar with the situation said initial investment could amount to tens of millions of dollars, but did not elaborate. Executives declined comment.
"We will announce it later," a Jilin company executive said by telephone from the northeastern city of Jilin. She declined to give details.
Philips Chief Executive Gerard Kleisterlee told a business group on Monday the firm would announce on Tuesday a semiconductor deal with a firm in China's northeastern region.
The Dutch firm is Europe's largest maker of consumer electronics and lighting and number three in semiconductors.
Kleisterlee also said Philips, which state media reported had total sales of about $6.7 billion annually in China, was intent on doubling sales in the country over the next four years.
© Hindustan Times Ltd. 2003.