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Philips Delivers On Aim To Focus Exclusively On Health And Healthtech

 
• By Ashley Yeo

Royal Philips is planning to sell its domestic appliance business to better focus on its strategic aims in health technology. The group made the announcement as it unveiled 2019 sales up 4.5% on a comparable basis.

Philips

In the past eight years, Philips Healthcare has transformed from a group that made 50% of its sales in health-care businesses in 2011, to 98% in 2019. At the group’s fiscal 2019 results, where comparable annual sales growth of 4.5% to €19.48bn ($21.46bn) was announced, the scale of the transformation was evident: Philips’ focus is now on diagnostic care and treatment (44% of sales), connected care (24%) and personal care (30%). Gone are the lighting, consumer electronics and TV businesses, and soon to follow will be domestic appliances.

The domestic appliances divestment has not been unexpected. Announcing the rationale behind the decision on 28 January, group CEO Frans...

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