Philips selling home appliance arm to Asian investment firm | Malay Mail

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THE HAGUE, March 25 — Dutch firm Philips announced today the sale of its home appliances business to Asian investment firm Hillhouse Capital for €3.7 billion (RM18.2 billion), as the former electronics giant focuses on healthcare. Hillhouse Capital, which says it has home bases in Hong Kong,...

Philips Healthcare headquarters is seen in Best, Netherlands August 30, 2018. — Reuters picTHE HAGUE, March 25 — Dutch firm Philips announced today the sale of its home appliances business to Asian investment firm Hillhouse Capital for €3.7 billion , as the former electronics giant focuses on healthcare.

“I am pleased that in Hillhouse Capital we have found a new home for the domestic appliances business to further expand on its market leadership, strong brand and pipeline of new innovations,” Philips CEO Frans van Houten said a statement. Philips said in January 2020 that it would sell off its home appliance arm over the following year and a half.

Despite the sale, the home appliances business would remain headquartered in the Netherlands, it said.

 

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