Philips to review options for its Domestic Appliances business
January 28 2020 - 12:57AM
Philips to review options for its Domestic Appliances business
January 28, 2020
Amsterdam, the Netherlands – Royal Philips (NYSE: PHG,
AEX: PHIA), a global leader in health technology, today announced
that it will review options for future ownership of its Domestic
Appliances business. Philips will start the process of creating a
separate legal structure for this business within the Philips
Group, which is expected to be completed in 12 to 18 months. The
Domestic Appliances business is a global leader with EUR 2.3
billion sales in 2019 in kitchen appliances, coffee, garment care
and home care appliances with successful products such as the
Airfryer XXL, Automatic Coffee Machine with LatteGo, Perfect Care
Elite steam generator, Air Purifier and SpeedPro Max Aqua vacuum
cleaner.
“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,” said Frans van
Houten, CEO of Royal Philips. “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.”
“We are also committed to a seamless transition of the Domestic
Appliances business with continuity for our employees, partners and
customers,” added Frans van Houten. “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.”
Philips is a leading provider of integrated solutions to improve
people's health and optimize care provider productivity across the
health continuum from healthy living and prevention, to diagnosis,
treatment and home care. Following the disentanglement of the
Domestic Appliances business, Philips’ EUR 3.5 billion Personal
Health businesses will continue to play an important role in the
company’s integrated health continuum approach through connected
products and solutions to support the health and well-being of
people.
For further information, please contact: Steve Klink
Philips Global Press OfficeTel.: +31 6 1088 8824 E-mail:
steve.klink@philips.com
Ksenija Gonciarenko Philips Investor Relations Tel.: +31 20
5977055 E-mail: ksenija.gonciarenko@philips.com
About Royal Philips Royal Philips (NYSE: PHG, AEX: PHIA)
is a leading health technology company focused on improving
people's health and enabling better outcomes across the health
continuum from healthy living and prevention, to diagnosis,
treatment and home care. Philips leverages advanced technology and
deep clinical and consumer insights to deliver integrated
solutions. Headquartered in the Netherlands, the company is a
leader in diagnostic imaging, image-guided therapy, patient
monitoring and health informatics, as well as in consumer health
and home care. Philips generated 2019 sales of EUR 19.5 billion and
employs approximately 80,000 employees with sales and services in
more than 100 countries. News about Philips can be found at
www.philips.com/newscenter.
Forward-looking statements This release contains certain
forward-looking statements with respect to the financial condition,
results of operations and business of Philips and certain of the
plans and objectives of Philips with respect to these items.
Examples of forward-looking statements include statements made
about the strategy, estimates of sales growth, future EBITA, future
developments in Philips’ organic business and the completion of
acquisitions and divestments. By their nature, these statements
involve risk and uncertainty because they relate to future events
and circumstances and there are many factors that could cause
actual results and developments to differ materially from those
expressed or implied by these statements.
This press release contains inside information within the
meaning of Article 7(1) of the EU Market Abuse Regulation.
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