Philips sells lighting technology
The Dutch electronics group sells 80.1% of its LED and automotive light business to Chinese investor group Go Scale Capital. For this, Philips receives USD 2.8 billion (EUR 2.6 billion) before taxes.
Overall, the sold area will be underfunded in the future the name " Lumileds “ traded at around USD 3.3 billion (EUR 3.1 billion); the management takes over Pierre-Yves Lesaicherre. The transaction is expected to be completed in the third quarter of 2015.
Philips therefore owns a 19.9% stake and intends to become an important customer of the new company.
The Philips Group had split in the fall of 2014 in the areas of lighting and health / lifestyle. The latter area will now be concentrated, having generated a turnover of EUR 15 billion in 2013, while the lighting sector had reached only around EUR 7 billion.