Jabil Circuit Inc. (BB+/Stable/--) today announced that it had acquired the contract electronic manufacturing services business of Royal Philips Consumer Electronics for about $230 million, net of assumed liabilities. The terms of the transaction include a 4-year supply agreement for up to 70% of Philip's Consumer Electronics PCB assemblies and some box build requirements. Philips Consumer Electronics has been operating as an independent division of Philips over the last three years producing televisions, audio systems, set top boxes, and other consumer electronics devices. It has over 5,000 employees and nine manufacturing facilities. Philips will become Jabil's second largest customer with over 10% of sales. Standard&Poor's said the transaction will not affect the ratings or outlook on Jabil, which
