The splitting of Philips into two separate companies

By: Together Abroad 30-09-2014 11:42 PM
Categories: Business news,
Technology and innovation giant, Philips has announced its split into two separate companies -- Lighting solutions and HealthTech, which will combine Healthcare and Consumer Lifestyle.

Frans van Houten, CEO of Philips announced this in London with a meeting of investors and analysts. “I do appreciate the magnitude of the decision we are taking, but the time is right to take the next strategic step for Philips, as we continue on our transformation,” he said. Van Houten also said that the spitting might come as a surprise for many people, however the company going in this direction for a long time . "We must create focus."

The CEO wants both companies to become market leaders in their respective sectors. He believes that customers, employees and shareholders will only profit from this decision. “Both companies will be able to make the appropriate investments to boost growth and drive profitability, ultimately generating significantly more value for our customers, employees and shareholders.”

According to Nu.nl, analyst Jos Versteeg Theodoor Gilissen, said the split is a “big news” and is “completely out of the blue. Versteeg, however, thinks the message will be positively received on the financial markets. “ Philips is thus clearly ready for the future. Philips will face major changes and now they can pay full attention to both divisions.”


Philips’ HealthTech will comprise the existing Healthcare and Consumer Lifestyle businesses. The HealthTech businesses for example, healthcare informatics and ultrasound diagnostics is estimated to exceed EUR 100 billion. The Lighting solutions business is estimated to exceed EUR 60 billion.

Source: NU.nl/ANP/Novum
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