© Philips General | January 28, 2020
Philips' looking to increase health focus - ready to part with home appliances
Royal Philips says it's reviewing options for future ownership of its Domestic Appliances business. The company will start the process of creating a separate legal structure for this business within the group, which is expected to be completed in 12 to 18 months.
The Domestic Appliances business is not in anyways a small business for Philips, with EUR 2.3 billion sales in 2019 in kitchen appliances, coffee, garment care and home care appliances, but it is still not the company's real focus; that is reserved for the health sector. “We have significantly improved the performance of the Domestic Appliances business over the years, which has made a very important contribution to Philips, however this business is not a strategic fit for our future as a health technology leader,” says Frans van Houten, CEO of Royal Philips, in a press release. “We are committed to finding a good home for this business to continue to thrive and grow over time, as we expand and invest in our consumer health and professional healthcare related businesses.” The company says that it's also committing to a seamless transition of the Domestic Appliances business with continuity for its employees, partners and customers, “At the same time, we will continue to innovate and invest in our Personal Health businesses in areas such as oral care, mother & child care and personal care, to empower people to take control of their own health and well-being needs,” says Frans van Houten.
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