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Philips revamps one of its businesses

Automatic coffee machines, steam generator, air purifier, aqua vacuum cleaner, etc are among its successful products

Philips sells its business

Philips revamps one of its businesses. Source: shutterstock.com

Royal Philips announced to review options for future ownership of its domestic appliances business. Philips will create a separate legal structure for this business within the Philips Group, expected to be completed in 12 to 18 months.

In 2019, the domestic appliances business achieved sales of €2.3 billion in kitchen appliances, coffee, garment care, and home care appliances.

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. 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
Frans van Houten, CEO of Royal Philips

At the same time, Philips’ €3.5 billion personal health businesses will keep on playing an important role in the company’s integrated approach to support the health and well-being of its customers.

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