Philips sells lighting component unit to US-Chinese investment firm
See more Dutchnews articles in your google search results
Add as a favorite source on Google Add DutchNews as a favorite source on Google
Dutch electronics giant Philips has sold a majority stake in its led and car lighting component activities to a consortium headed by Chinese-American investment company Go Scale Capital.
The deal values the company at $3.3bn and is expected to be completed in the third quarter. Philips will retain a 20% stake in the company which will be renamed Lumileds. Philips will remain an active client and will work together with the new owners, the company said in a statement.
Philips, which started life as a manufacturer of light bulbs, is sharpening its focus to concentrate on healthcare technology.
The company outlined its new strategy last September. The lighting division, which develops integral systems for street lights, stadiums and offices, is being separated into a different legal structure and may be sold, possibly via an IPO, the company said.
Thank you for donating to DutchNews.nl.
We could not provide the Dutch News service, and keep it free of charge, without the generous support of our readers. Your donations allow us to report on issues you tell us matter, and provide you with a summary of the most important Dutch news each day.
Make a donation