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Lite-On acquires Philips subsidiary in Hungary

Lite-On IT's subsidiary in the Netherlands has acquired a 100% stake in Automotive Playback Modules (APM) Hungary Limited from Royal Philips Electronics.

The price is €14.262 million. According to a filing with the Taiwan Stock Exchange, Lite-On then increased the company's capital by €19.317 million. The acquisition in Hungary for Philips' production base was based on a contract stipulating Lite-On IT would purchase Philips' APM business unit at the end of 2006. (evertiq.com)