Philips "gives independence" to the Lighting division as part of a restructuring effort also bringing together the company's Healthcare and Consumer Lifestyle businesses into a single unit.
Thus the Lighting division, which is worth around €7 billion, is now essentially a separate entity, if one leveraging from the Philips brand. The decision follows the recently announced plan to combine the Philips Lumileds (LED components) and automotive lighting businesses into a stand-alone lighting components company.
"G]iving independence to our Lighting solutions business will better enable it to expand its global leadership position and venture into adjacent market opportunities," Philips CEO Francis van Houten says.