Philips targets glassware firm

Having filled the gaps in its product line with assets from ADAC, Agilent, and Marconi, Philips is now filling niches. Earlier this month, the Dutch company submitted a letter of intent to acquire certain assets of Richardson Electronics. Philips wants the medical company's glassware business, including its reloading operations and distribution organization for x-ray, CT, and image intensifier tubes. The glassware business generated about $20 million in fiscal 2001. Terms of the transaction were not disclosed. The final deal is subject to due diligence.