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February 20, 2006
Royal Philips cancels $700M Dell contract
From Reuters:
Royal Philips Electronics NV canceled a $700 million contract with Dell Inc.
The contract called for Dell to provide desktops and other hardware, managed services and software packaging to Philips Electronics (NYSE: PHG) over five years. The contract was signed in December 2004.
According to Reuters, a Philips spokesman says the companies concluded that the contract "did not sufficiently guarantee success for completion."
In morning trading, Dell's stock was down 4.94 percent to $30.38 a share.
Based in the Netherlands, Royal Philips Electronics is one of the world's largest electronics companies. Round Rock-based Dell is one of the world's largest computer manufacturers.
Posted by edelfenbein at February 20, 2006 2:16 PM
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