Sep 23, 2014 9:54 AM
Philips to separate lighting arm into new company
The Associated Press
AMSTERDAM (AP) Royal Philips NV says it will spin off its lighting division and the rest of its operations into two separate companies, continuing a radical reshaping of one of Europe's best-known corporations.
Tuesday's announcement follows the decision in June to spin off its lighting components arm, and it is no longer clear whether Philips is the world's largest lighting manufacturer, though it is a leader in cutting edge LED lighting technology
Chief Executive Frans van Houten said the company's consumer division which makes a range of household products such as coffee makers and shavers and its health care division will operate as a single "HealthTech" company. Both the lighting and HealthTech company will continue to use the Philips brand.