Philips to sell home appliances unit, focus on health

The appliances business, which includes kitchen robots, coffee machines and garden tools, had sales of 2.3 billion euros last year.

The sale will take place after a corporate restructuring exercise expected to take 12-18 months to complete, it said."The idea is that Philips will no longer be the owner of that business and that we then use the proceeds to reinvest in the company," van Houten said.On the Amsterdam stock exchange mid-morning, Philip shares were down nearly two percent in a flat overall market.

Philips said its health business, now its main activity, chalked up sales of 5.85 billion euros last year. The company, once a major lighting and electronics player, said total 2019 net profit hit 1.17 billion euros on sales up 7.5 percent from 2018 to 19.48 billion euros. Van Houten said the results were"satisfactory," noting that US-China trade tensions had impacted activity.Source

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