Royal Philips NV (PHIA) Chief Executive Officer Frans van Houten is splitting the 123-year-old Dutch company into two, separating the lighting unit as he focuses on health-care equipment and consumer goods.
Philips will merge its health-care and consumer goods assets into one operation called HealthTech with 15 billion euros ($19 billion) in sales, the Amsterdam-based company said today in a statement. Lighting operations will become a standalone company with 7 billion euros in revenue, and Philips will consider several options for the ownership structure, including an initial public offering.
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