Philips to sell off its lighting division via Amsterdam IPO
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Philips is to launch its lighting division on the Amsterdam stock exchange, completing its transition to a medical technology firm.
The company is to sell 25% of the shares to institutional and private investors and will divest the rest in the coming years.
Philips Lighting, based in Eindhoven, booked sales of €7.5bn last year. The company will remain under the leadership of Eric Rondolat and will keep the current logo, Philips said in a statement.
Philips chief executive Frans van Houten described the decision to float the company as ‘historic’.
‘We believe Philips Lighting can strengthen its position as market leader as a stock exchange listed company,’ he said.
No date for the IPO has yet been set. ‘At the moment we cannot be specific about timing. The offering and listing, and their timing, are subject to, among other factors, market conditions,’ the company said on its website.
Philips began operations as a maker of light bulbs in 1891. In recent years, the company has focused on led lighting.
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