Share

Philips to separate its LED parts arm

|
News,Business

AMSTERDAM (AP) — Royal Philips NV says it will separate its LED lighting components unit into a stand-alone company within Philips by 2015, preparing it for a potential spin-off or sale. The subsidiary had sales of 1.4 billion euros ($1.91 billion) in 2013.

Philips, which is the world's largest maker of lights, said in a statement Monday the new unit will include its profitable automotive lighting unit, which is a major supplier to carmakers around the globe.

Philips says it will explore "strategic options" to raise capital for the business, including from outside investors.

Philips said it will remain a customer and shareholder of the new company.

View article comments Leave a comment