Agilent Technologies announced an agreement to divest the Semiconductor Products segment to Kohlberg Kravis Roberts & Co. (KKR) and Silver Lake Partners for $2.66 billion(1). Furthermore a definitive agreement to sell its stake in Lumileds to Royal Philips Electronics for $950 million plus repayment of $50 million of debt from Lumileds. The company plans to spin off its SOC and Memory Test businesses as soon as practical in 2006. As part of its repositioning as a "pure play" measurement company, Agilent expects to reduce its Global Infrastructure costs by $450 million, and infrastructure-related employment by about 1,300 jobs. This reduction will be accomplished through a combination of employee transfers to the divestiture and spin-off, attrition, and work force reduction.