Company will focus on its core test and measurement business Agilent Technologies Inc. has decided to sell its semiconductor product division to an investor group in a move to unload the underperforming unit and focus on its core test and measurement business.Under the deal announced Monday, Agilent will sell its chip business to Kohlberg Kravis Roberts & Co. (KKR) and Silver Lake Partners for $2.66 billion.Agilent’s chips can be found in mobile phones, networking products, computers, printers, infrared transceivers and more. The chip unit is Agilent’s second-largest business behind test and measurement. The manufacturer also announced an agreement to sell its stake in LED (light emitting diode) display maker Lumileds Lighting Int. BV to Koninklijke Philips Electronics NV for $950 million.Lumileds was founded in 1999 as a joint venture between Philips and Agilent, which as spun off from Hewlett-Packard Co. around five years ago.Agilent, in Palo Alto, California, also plans to spin off its system-on-a-chip (SOC) and memory test business in 2006, the company said. Technology Industry