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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