Philips seeks investment for LED, lighting units
Dutch electronics group Philips is hiving off its lighting and LED businesses into a separate company, while investigating a part-sale of the business.
In a statement, the Dutch conglomerate said:
Philips will explore strategic options to attract capital from third party investors for this business. Philips intends to remain a shareholder and customer of the new company, and will continue the existing innovation collaboration.
The Dutch group said the combined LED and lighting businesses generated €1.4bn of sales in 2013.
The move comes after the company, which makes everything from medical scanners to shavers, warned of difficult months ahead due to weakening demand from emerging markets.
The conglomerate also said when it reported quarterly results in April that its lighting business was suffering from a downturn in the Chinese construction market.