LONDON Royal Philips Electronics is selling its 24.8 percent stake in FEI Co, a supplier of tools such as scanning electron microscopes to semiconductor and nanotechnology device makers.
FEI, which is headquartered in Hillsboro, Oregon, filed a registration statement on Form S-3 with the United States Securities and Exchange Commission (SEC) Thursday (Nov.30) relating to the planned secondary offering of 8,406,007 common shares.
The proceeds of this sale will all go to Philips Business Electronics International B.V., which owns the 24.8 percent stake in the company.
The offering remains subject to a number of conditions, says the company, including the circulation of a preliminary prospectus and the declaration by the SEC of the effectiveness of FEI's registration statement relating to the offering.
Earlier this month, FEI reported revenue and net income reached the highest third-quarter totals in the company's history. Bookings and the backlog of unfilled orders grew to record levels.
Net sales for the quarter ended October 1, 2006 of $116.9 million were up 3 percent compared to the second quarter of 2006 and up 20 percent compared to the third quarter of 2005. Bookings in the latest quarter totaled $150.7 million, up 12 percent from the second quarter of 2006 and 50 percent from the third quarter of 2005.
It said outlook is for continued strong bookings, substantial revenue growth and further improvements in earnings in the fourth quarter of 2006.