Philips to sell household appliances business

AMSTERDAM  – Dutch health technology company Philips said on Tuesday (Jan 28) it is looking to sell its household appliances division, whose coffee machines, air purifiers and air fryers generated €2.3 billion (S$3.4 billion) in sales last year.

Philips said it would carve out the business in the coming 12 to 18 months, while it reviewed its future options.

“This business is not a strategic fit for our future as a health technology leader,” chief officer Frans van Houten said.

Once a sprawling conglomerate, Philips has transformed itself into a specialised health technology company in recent years, spinning off its lighting and consumer electronics divisions.

“We are committed to finding a good home for this business as we expand and invest in our consumer health and professional healthcare-related businesses.”

Philips also reported fourth-quarter adjusted earnings before interest, taxes and amortisation (Ebita) of €1.066 billion on sales of €5.96 billion.

Analysts polled by the company on average had expected core earnings of €1.07 billion on sales of €6.03 billion.

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