Royal Philips (NYSE:PHG) said last week that its shareholders approved the spinout of its legacy lighting business as a stand-alone, publicly traded company.
The Dutch conglomerate is looking to shed the 123-year-old lighting business, which is said to be worth some €2.5 billion ($2.6 billion), and is also planning to merge its healthcare and consumer segments.
"We welcome the decision by the [annual general meeting] to approve the separation of our lighting business from Royal Philips and I fully appreciate the historic significance of today's meeting," CEO Frans van Houten said in prepared remarks. "Both our multi-billion-euro healthtech and lighting solutions businesses have the right fundamentals for profitable growth in their fields."
Help employers find you! Check out all the jobs and post your resume.
The Dutch conglomerate is looking to shed the 123-year-old lighting business, which is said to be worth some €2.5 billion ($2.6 billion), and is also planning to merge its healthcare and consumer segments.
"We welcome the decision by the [annual general meeting] to approve the separation of our lighting business from Royal Philips and I fully appreciate the historic significance of today's meeting," CEO Frans van Houten said in prepared remarks. "Both our multi-billion-euro healthtech and lighting solutions businesses have the right fundamentals for profitable growth in their fields."
Help employers find you! Check out all the jobs and post your resume.
