The Dutch conglomerate Koninklijke Philips NV (ADR) (NYSE:PHG) (AMS:PHIA) is splitting off its lighting business in a bold move to enhance its higher-margin healthcare and consumer divisions.
Juiced by the announcement, Koninklijke Philips NV (ADR) (NYSE:PHG) (AMS:PHIA) shares rose 3.5% to €24.33 in Amsterdam.
Koninklijke Philips break into two
In an announcement made Tuesday, Koninklijke Philips NV (ADR) (NYSE:PHG) (AMS:PHIA) said it would break itself in two by merging its health care and consumer-electronics divisions and creating a stand-alone lighting business. The Dutch company said it would offer more details next year.
While unveiling the plans, Koninklijke Philips NV (ADR) (NYSE:PHG) (AMS:PHIA) chief executive officer Frans van...
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