Philips to combine LED components, Automotive lighting businesses Royal Philips announced that it will start the process to combine its LED components and Automotive lighting businesses into a stand-alone company within the Philips Group. Philips will explore strategic options to attract capital from third party investors for the business. Philips intends to remain a shareholder and customer of the new company, and will continue the existing innovation collaboration. Sales of the combined businesses were approximately EUR 1.4B in 2013. The CEO of the new company will be Pierre-Yves Lesaicherre, the current CEO of Lumileds. The process to combine Lumileds and Automotive into an integrated business within the Philips Group is expected to be completed in the first half of 2015. Costs associated with setting up the combined business are expected to amount to EUR 30M in the second half of 2014.
Philips announces collaboration with Genomic Health Royal Philips (PHG) announced a collaboration with Genomic Health (GHDX) to leverage Philips digital pathology tools in Genomic Health's continuing scale up of its molecular diagnostic testing processes.