Bangkok--14 Jan--Royal Philips Electronics
Royal Philips Electronics (NYSE: PHG, AEX: PHI) announced today the acquisition of a minority interest in Tendris Holding, an innovative business incubator and operator in sustainable technology and services headquartered in the Netherlands. The partnership will explore new business opportunities in the area of sustainability. As part of the agreement, Philips has acquired a 10% equity stake in Tendris and will be represented in its Board of Directors. Financial details of the investment were not disclosed.
Today’s announcement marks Philips’ continued emphasis on sustainability as a business opportunity. In commenting on the deal, Rudy Provoost, CEO of Philips Lighting and Philips Board Member responsible for sustainability, said: “As a global health and well-being company, we firmly believe that the challenges around the health and well-being of our planet offer substantial business opportunities, creating value for our company as well as society at large whilst at the same time safeguarding our planet. Our two companies share a common vision that sustainable products and services, empowered with the right business models, will positively contribute to a better and higher quality of life for everyone on the planet while maintaining a vital profit when conducting business.”
Tendris has developed sustainable services and products in a number of industries. Current daughter companies are active in sustainable lighting solutions with Lemnis, financial services with ‘green’ credit cards via Repay International making carbon neutral purchasing possible, carbon neutral traveling (Greenbookings) and chemicals with Sparxxis, introducing a new coating with higher refractive index. Other concepts and technologies are under development in the field of medical technology, solar, bio-fuel, pump and clean water systems. Tendris was co-founder of Oxxio, a leading green energy supplier.
“We are delighted to welcome Philips as a partner in Tendris. This strategic relationship provides a unique platform for us to rapidly develop global sustainable activities with benefits to all parties involved. We feel that a partnership with Philips is a clear example that the development of sustainable yet market-driven mass scale solutions creates a win-win for consumers, producers and all other stakeholders. This partnership can help us a step closer to our mission to create a better world for everyone,” Friedwart Barfod, Director and co-founder at Tendris commented. “There will be no change in the focus or mission of Tendris as such. We will remain active in both the technical and non-technical industries. All activities, together with any new activities that Tendris will develop or may acquire, are screened and shaped for their potential positive environmental and social impact and the business will be developed accordingly,” Barfod added.
Tendris was advised by Sequoia as its financial advisor and Houthoff Buruma as its legal advisor.
For more information, please contact:
Joon Knapen
Philips Corporate Communications
Tel: +31 20 59 77477
Email: [email protected]
Paula de Hair
Tendris
Tel: +31356958138 or +31651626234
Email: [email protected]