Philips to Split Off Lighting Business

by Jacob Coakley

Reuters is reporting that the 120-year-old Philips company that owns such lighting brands as Color Kinetics, Selecon, Strand Lighting and Vari-Lite is planning to break its company in two, spinning off its lighting business into a new company. According to Reuters “the new structure would bring cost savings of 100 million euros (128.46 million US dollar) next year and a further 200 million euros in 2016.” The article quotes chief executive Frans van Houten saying “I do appreciate the magnitude of the decision we are taking, but the time is right to take the next strategic step for Philips.” Stage Directions has reached out to Philips and will update this story as more info becomes available.

To read the Reuters article, visit http://in.reuters.com/article/2014/09/23/philips-spin-off-idINKCN0HI0H520140923