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Philips plans to sell its home appliances business for $3 billion

via:CnBeta     time:2020/3/16 18:09:04     readed:91

Royal Philips of the Netherlands is constantly "slimming" through the divestiture of relevant non core businesses,Philips announced the sale of home appliance business, mainly including small kitchen home appliance series represented by hanging iron machine / electric iron, vacuum cleaner, coffee machine / air fryer and other products such as air purifier, which is expected to take 12 to 18 months to complete the transaction.

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Frans van Houten, CEO of Philips, said that the performance of home appliance business has improved significantly in recent years, but it does not match Philips's strategy as a health technology leader, so we should consider finding a good home for this business.

A senior household appliance industry analyst said that at present, the profits of the household appliance industry are getting thinner and thinner. At the same time, Chinese household appliance enterprises have become the main force of the industry. International brands do not have an advantage in the competition in the field of household appliances, so it is difficult to earn more profits for themselves. Therefore, in recent years, home appliance giants such as Siemens, general electric and Philips have left the market.

Philips has chosen Goldman Sachs and JPMorgan Chase to sell its home appliances business, which could cost more than $3 billion, and the deal is expected to start in the middle of this year. Chinese enterprises may become potential buyers of Philips home appliance business, taking the opportunity to participate in the global market competition of small home appliances.

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