An additional $100 million is expected to be received upon the satisfaction of
certain post-closing conditions. As a result of the sale, Agilent anticipates
recording an after-tax gain in the range of $600 million to $700 million.
Agilent plans to apply some of the proceeds to pay back all of its short-term
debt. The remaining proceeds will be added to existing operating cash reserves.
With the closure of the sale of its healthcare business to Philips, Agilent
focuses its business on three major areas -- communications, electronics and
life sciences.
Announcement of the transaction was originally made in November 2000. HSG
currently employs approximately 5,000 people and operates in over 100 countries
around the world.
About Philips Medical Systems
About Royal Philips Electronics
About Agilent Technologies
This news release contains forward-looking statements (including, without
limitation, information regarding the receipt of the remainder of the purchase
price, the amount of Agilent's anticipated after-tax gain as a result of the
sale, and its plan to apply some of the proceeds to pay back all its short-term
debt) that involve risks and uncertainties that could cause results of Agilent
Technologies to differ materially from management's current expectations. These
and other risks are detailed in Agilent's Annual Report on Form 10-K for the
year ended Oct. 31, 2000, its Quarterly Report on Form 10-Q for the quarter
ended April 30, 2001, and its Current Report on Form 8-K for June 29, 2001, as
filed with the Securities and Exchange Commission.
CONTACT: Agilent Technologies
Michele Drake (U.S.), +1 650 752 5296 (EDITORIAL)
michele_drake@agilent.com
Jorgen Tesselaar (Europe), +31 20 547 2825 (EDITORIAL)
jorgen_tesselaar@agilent.com
Hilliard Terry, +1 650 752 5329 (INVESTOR)
hilliard_terry@agilent.com