Philips will complete its transformation to a health technology business with th...
) will complete its transformation to a health technology business with the sale of its domestic appliances division, which no longer fits with the company’s range of hospital equipment and personal health products.
Philips said on Tuesday it would carve out the domestic appliances business, which produces coffee machines, vacuum cleaners and airfryers and generated 2.3 billion euros in sales last year, in the coming 12 to 18 months. ING analyst Marc Hesselink said a “quick and dirty” calculation valued the division at around 3 billion euros, assuming a 10% profit margin with a price tag of 12 times gross profit.DISAPPOINTING RESULTS
Adjusted earnings before interest, tax and amortization rose 10% to 1.07 billion euros, also slightly below expectations.
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