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philips to spin off led lights business

by:Demo     2020-08-26
Philips, the electronics group, is preparing to spin off its car lights and LED business worth up to 2 euros.
The Dutch group, which has been reducing its consumer electronics business to focus on its health care sector, said it would merge the Lumileds LED components with the automotive lighting division into a separate group, may eventually be sold.
With the world moving from incandescent lamps to alternatives, the LED LED Light module market has been booming.
But price wars have also hit profits from big suppliers, and splitting the sector can make it more flexible.
Philips, led by chief executive Frans van Houten, has been transforming since taking over in April 2011, and Philips says it will explore \"strategic options\" to raise money from third-party investors \", but it will remain a shareholder and client of the new company.
Options include listing Philips as a new group of minority shareholders.
Mr. Van Houten said: \"Under our long-term guidance,
We continue to actively manage our business portfolio in the long term.
He said the unnamed Lumileds and car business will be able to grow better and faster with an external investment \"independent of Philips Lighting.
\"This separation also means that Philips\'s other businesses can compete for new contracts with businesses previously competing in the LED market.
Lumileds, this makes it high
The annual sales of electric LED lights and their lamp departments with BMW and Audi as customers are about 1 euro. 4bn.
The merger of the two departments will be completed next year, and Philips is expected to spend 30 euros in the second half of this year.
Analysts estimate that the valuation of the new group will be as high as 2bn euros, and Pierre-
Yves Lesaicherre and the group will continue to work with Philips on new innovations and research.
Mr Van Houten has cut costs and simplified 123-
Last year, the company sold its home entertainment business to Funai Electric in Japan.
It sold the TV business before.
The group has three departments: lighting, consumer appliances and healthcare, focusing on the development of healthcare business, including medical equipment for radiology, cardiology, oncology specialists.
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