Philips Electronics NV has a letter of intent to sell its small telephone systems operation in Airdrie, Scotland to ACS Communications Ltd, a company formed by management for the purpose. The unit employs more than 400 people making telephone handsets and PABXs for small business users and employs more than 400 people. Philips agreed a five-year strategic alliance with the new telecommunications company to be created and will become a major customer of the plant, which will develop, manufacture and enhance the Philips range of small phone systems. ACS Communications will expand by establishing new channels and markets for its own range of products, systems and services. ACS will be backed by Scottish venture capitalists Murray Johnstone Private Equity Ltd, which says it will be the biggest management buyout in Scotland this year, although no financial details were disclosed.
