On Tuesday, Philips announced that it was officially starting the process to sell its domestic appliances division, which includes kitchen appliances, coffee, garment care and home care appliances, such as vacuum cleaners and air purifiers. Bert van Meurs. Philips will complete its transformation to a health technology business with the sale of its domestic appliances division, which no longer fits with the company's range of hospital equipment and personal health products. Philips will complete its transformation to a health technology business with the sale of its domestic appliances division, which no longer fits with the company's range of hospital equipment and personal health products. 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Over the past years, Philips increasingly started specializing in making medical equipment. Philips plans to split this division off within the next 18 months. Born 1961, Dutch . Comparable sales increased 3% to 6 billion euros from a year earlier, compared with an average forecast in a company poll of analysts for a 4.9% increase. He added that all options remained open for the division, which he said had a double-digit profit margin that was "slightly less" than the average for Philips. © 2020 Thomson/Reuters. “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,” Frans van Houten, CEO of Royal Philips, said in a statement. This news comes on the same day that Philips released it fourth quarter and 2019 full year financials. Philips is turning its attention even more on medical and health equipment and therefore wants to get rid of the part of the company that makes household appliances like coffee machines and air-fryers, the Dutch electronics company announced with its annual figures on Tuesday. "The Domestic Appliances business has significantly contributed to Philips, but it is not a strategic fit for our future as a health technology leader, as we choose to further sharpen our focus along the health continuum and invest in our consumer health and professional healthcare-related businesses," Philips CEO Frans van Houten said. Read more. AMSTERDAM (REUTERS) - Dutch health technology company Philips said on Tuesday (Jan 28) it is looking to sell its household appliances division, whose … The move also makes financial sense, as the healthcare part of Philip's business is now more valuable than its appliances: on the announcement, Philips revealed that its appliances division is worth €2.3 billion, or $2.5 billion U.S. dollars, while its personal health businesses are worth €3.5 billion, or $3.8 billion USD. CEO Philips Domestic Appliances . Adjusted earnings before interest, tax and amortization (EBITA) rose 10% to 1.07 billion euros, also slightly below expectations. products and solutions "improved the lives" of 1.64 billion people, up from 1.54 billion in 2018, a 6.5 percent increase. Philips expects rising life expectancy and associated chronic diseases to increase demand for devices that allow patients to be monitored at home, but sales at the connected care unit have in recent years lagged those of bigger divisions selling large medical equipment and personal care devices. onnected care businesses grew 2 percent quarter-to-quarter and 3 percent year-to-year. but it's now about to make a major change that will send it off in a brand new direction. Vator has reached out to Philips for additional information regarding this news. Philips reaffirmed its 2020 targets for a 100 basis point improvement in adjusted EBITA margin and a 4 to 6% increase in comparable sales, but said it expected a slow start to the year with growth likely to be dented by China's efforts to contain a coronavirus outbreak. The company revealed that it saw sales rise 3 percent quarter to quarter, to €6 billion, while full year sales rose 4 percent to €19.5 billion. “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.”. Royal Philips plans to sell its domestic appliances arm or spin it off into a separately listed company as the Dutch conglomerate focuses on the healthcare sector.
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