VELDHOVEN, NETHERLANDS -- Pick-and-place OEM Assembléon will be bought by a private equity firm.

Royal Philips Electronics announced today that it intends to sell a majority stake in its subsidiary to H2 Equity Partners, an independent private equity firm. H2 Equity Partners will take an 80% stake in the company and Philips will retain the remaining 20% share. No terms were announced.

The deal is subject to director approval and customary regulatory filings.

Assembléon has regional offices in Alpharetta, GA; and Hong Kong and employs just over 400 people.