After the summer, Philips hopes to engage with interested parties about the division that makes household appliances, such as the airfryer and the Senseo coffee machines. This department is first privatized for sale. That process is expected to be completed in a year.
That says a spokesman for the group when asked. "When announcing the sale at the end of January, we thought it would take a year to a year and a half to disentangle the division. We now think it will take a year and a half."
According to the Philips spokesperson, when a division becomes independent, it is first checked how many countries it is represented in. "In this case, it turned out in more than seventy countries. In all those countries you have to set up an independent legal entity." Philips knew in advance that it would be "a complex job".
"After the decision has been made and announced, you will draw up a schedule." Philips is now making good progress with the preparation of the unbundling. "We don't expect to enter into discussions with parties about sales until after the summer."
Lighting and televisions are already gone
When the annual figures were presented at the end of January this year, Philips announced that it was saying goodbye to domestic appliances , the household appliances. The turnover of that branch in 2019 amounted to 2.3 billion euros. The group from Eindhoven previously said goodbye to the divisions that included lighting and televisions.
Philips now focuses on personal care, with products such as razors and toothbrushes, mother and child care, beauty products and medical equipment.