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."
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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."
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