Philips High Tech Plastics
Leo van Alphen, Frans de Bruin
Sale of Royal Philips Electronics HTP Automotive to
Helvoet Holding
Even professionals specialised in selling companies can use
the help of external consultants. `Within Philips we form a
sort of home for those divisions which the Executive Board
has determined no longer fit in with the company', explains
Leo van Alphen of Philips Corporate Investments. The High
Tech Plastics Group was one such division. Holland Corporate
Financewasinvitedtohelpfindnewinvestors.`Isupposeyou
could say we've had quite an adventure together', observes Van
Alphen's colleague Frans de Bruin.
We talked to various parties, who indicated that after
a possible takeover they would split up the company
De Bruin had a list of divisions to be disposed of, with the added
objective of selling these fairly quickly. In the High Tech Plastics
Group (HTP), producing high quality components for the automo-
tive industry and optical modules for mobile phones among other
things, some inward investments had already been made to help
focus the company. During the selling process it was revealed that
theseinvestmentshadinsufficientlyincreaseditsattractivenessto
potential buyers. `We talked to various parties, who indicated that
after a possible takeover they would split up the company. These
talks never amounted to anything', says De Bruin. `Talking with
Maarten Wolleswinkel, I came to the conclusion: this won't work,
we're never going to sell it this way.' Not a very pleasant message
for Philips' management. `Our advice to Philips was to split the
company ourselves. That would drastically increase the chance of
success, but of course this also would involve a protracted selling
process and a weighty management team that would become su-
perfluous.Theseweretenseandfraughtdiscussions,whichcould
on occasion become quite emotional.'
`Since we gave our first mandate to Holland Corporate Fi-
nance many years ago, they have become a trusted partner
of Philips. They have delivered on committments, been pro-
fessional and also - very important - been fun to work with!'
James Nolan
Senior Vice President
Corporate Mergers & Acquisitions, Philips International BV
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