Philips sells domestic appliance unit to Chinese investor Hillhouse
Philips is selling its household apparatus unit to Chinese investment company Hillhouse Capital for €3.7bn.
Hillhouse was one of three Chinese firms bidding to buy the unit, which makes Senseo coffee makers, irons, vacuum cleaners and air-fryers.
The Dutch electronics giant said a year ago it planned to offload its domestic appliance division to focus purely on health technology and personal care items.
The unit has a global workforce of 7,000 and its research and development centre is in Drachten. Much of the production takes place in Asia and turnover this year is projected to be €2.3bn.
Philips sold its lighting, television and chip divisions several years ago.
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