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.
Philips is at loggerheads with American authorities over the production of defibrillators - FDA inspections revealed a number of shortcomings, according to ANP. The company is in talks with the U.S. department of Justice, acting on behalf of the FDA, on the matter. The company's value dropped by 4 percent after this was revealed on Tuesday morning.
Philips has sold a major part of its stake in LED and automotive lighting to the Chinese-American investment Go Scale Capital, a consortium of investors. The sale is expected to close in the third quarter and will bring in approximately 2.7 billion euros for Philips.