LouiseWinner
Member
According to the latest news, Royal Philips of the Netherlands has approached Chinese competitors to find out if they are interested in acquiring its home appliance division. The division may be sold for up to $4 billion.
According to sources, Philips has contacted Haier Group and Midea Group, and the formal sale process is expected to begin in the fourth quarter.
Philips also contacted Turkish home appliance manufacturers Arcelik and Vestel. In addition, private equity giants Blackstone Group, CVC Capital Partners and KKR are also expected to consider whether to participate when the transaction starts.
Philips said in January this year that it plans to sell its home appliance division that produces coffee machines, air purifiers and other products to focus on the production of medical and health care equipment. The division’s revenue last fiscal year reached 2.3 billion euros.
Philips' home appliance business has factories in Austria, Brazil, and China. In addition, it has R&D centers in India, Singapore and Italy, and has approximately 4,700 employees worldwide.
At present, Philips' home appliance business mainly includes coffee machines, vacuum cleaners, air purifiers and other products, and there is no system formed. Therefore, it is difficult to form a synergy regardless of the scale structure or market channels. In addition, Philips is more concerned about the health and medical industry. The home appliance business has become a tasteless one for Philips.
In Philips’ home appliance sales last year, 43% came from Europe. Philips TV was one of the first foreign brands to enter the Chinese market. However, the current Philips TV business has basically withdrawn from the Chinese market. Do you still have a Philips TV at home?
According to sources, Philips has contacted Haier Group and Midea Group, and the formal sale process is expected to begin in the fourth quarter.
Philips also contacted Turkish home appliance manufacturers Arcelik and Vestel. In addition, private equity giants Blackstone Group, CVC Capital Partners and KKR are also expected to consider whether to participate when the transaction starts.
Philips said in January this year that it plans to sell its home appliance division that produces coffee machines, air purifiers and other products to focus on the production of medical and health care equipment. The division’s revenue last fiscal year reached 2.3 billion euros.
Philips' home appliance business has factories in Austria, Brazil, and China. In addition, it has R&D centers in India, Singapore and Italy, and has approximately 4,700 employees worldwide.
At present, Philips' home appliance business mainly includes coffee machines, vacuum cleaners, air purifiers and other products, and there is no system formed. Therefore, it is difficult to form a synergy regardless of the scale structure or market channels. In addition, Philips is more concerned about the health and medical industry. The home appliance business has become a tasteless one for Philips.
In Philips’ home appliance sales last year, 43% came from Europe. Philips TV was one of the first foreign brands to enter the Chinese market. However, the current Philips TV business has basically withdrawn from the Chinese market. Do you still have a Philips TV at home?
