Philips to split off lighting business, form new firm
AMSTERDAM, September 23, 2014
Philips on Tuesday said it will break its 120-year-old company in two, creating a stand-alone lighting business and merging consumer and healthcare divisions into a 15-billion euro ($19.2 billion) business.
The company said in a statement the new structure will bring cost savings of 100 million euros ($128.4 million) next year and a further 200 million euros ($256.8 million)in 2016.
Philips expects to incur a charge of around 50 million euros ($64.2 million)for restructuring from 2014 to 2016. – Reuters