{"id":19214,"date":"2021-09-02T11:36:52","date_gmt":"2021-09-02T06:36:52","guid":{"rendered":"https:\/\/pr.asianetpakistan.com\/?p=78163"},"modified":"2021-09-02T11:36:52","modified_gmt":"2021-09-02T06:36:52","slug":"philips-completes-sale-of-domestic-appliances-business-to-global-investment-firm-hillhouse-investment","status":"publish","type":"post","link":"https:\/\/myanmarnewsgazette.com\/philips-completes-sale-of-domestic-appliances-business-to-global-investment-firm-hillhouse-investment\/","title":{"rendered":"Philips completes sale of Domestic Appliances business to global investment firm Hillhouse Investment"},"content":{"rendered":"
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September 2, 2021<\/p>\n

Amsterdam, the Netherlands \u2013 <\/strong>Royal Philips<\/a> (NYSE: PHG; AEX: PHIA), a global leader in health technology, today announced that it has completed the sale of the Domestic Appliances business to Hillhouse Investment, a global investment firm. The results of this transaction, which Philips announced<\/a> on March 25, 2021, will be reported under discontinued operations in the third quarter of 2021. Philips received cash proceeds after tax and transaction-related costs of approximately EUR 3 billion.<\/p>\n

The transaction values Domestic Appliances, a global leader with EUR 2.2 billion sales in 2020 in kitchen, coffee, garment care and home care appliances, at an enterprise value of approximately EUR 3.7 billion. The total deal value amounts to approximately EUR 4.4 billion resulting from an additional 15-year brand license agreement with annual payments that represent an estimated net present value of approximately EUR 0.7 billion.<\/p>\n

\u201cI am pleased that in line with our plans we have completed this transaction and concluded our major divestments,\u201d said Frans van Houten, CEO of Royal Philips. \u201cI am confident that the Domestic Appliances business will be able to expand on its market leadership with the support of Hillhouse Investment. In the past 12 months, Philips has further strengthened its portfolio with the launch of new products and solutions, as well as the acquisitions of Intact Vascular in image guided therapy, and BioTelemetry and Capsule Technologies in connected care. We are executing on our strategy to deliver integrated solutions that support professional healthcare customers achieve the Quadruple Aim and consumers with their health.\u201d<\/p>\n

\u201cWe are in a great position to continue bringing meaningful innovations to the consumer\u2019s home in areas such as kitchen, coffee, garment care and home care appliances,\u201d said Henk de Jong, CEO of Domestic Appliances. \u201cWe look forward to embark on this new partnership with Hillhouse Investment, building on our longstanding consumer, customer and partner relationships, as well as our market leading positions across our portfolio and the brand license partnership with Philips.\u201d<\/p>\n

Following the sale of Domestic Appliances, Philips\u2019 EUR 3.2 billion Personal Health businesses will continue to shape its important role in the company\u2019s integrated health continuum approach through products and solutions that support healthy living and prevention of diseases. Philips is a global leader in oral healthcare, personal care and mother & child care, areas that are essential building blocks of consumer health.<\/p>\n

For further information, please contact:<\/strong><\/p>\n

Ben Zwirs
\nPhilips Global Press Office
\nTel.: +31 6 15213446
\nE-mail: ben.zwirs@philips.com<\/a><\/p>\n

Derya Guzel
\nPhilips Investor Relations
\nTel.: +31 20 59 77055
\nE-mail: derya.guzel@philips.com<\/a><\/p>\n

About Royal Philips<\/strong>
\nRoyal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people’s health and well-being, and enabling better outcomes across the health continuum \u2013 from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips generated 2020 sales of EUR 17.3 billion and employs approximately 77,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com\/newscenter<\/a>.<\/p>\n

Forward-looking statements <\/strong>
\nThis release contains certain forward-looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respect to these items. Examples of forward-looking statements include statements made about the strategy, estimates of sales growth, future EBITA, future developments in Philips\u2019 organic business and the completion of acquisitions and divestments. By their nature, these statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these statements.<\/p>\n

Attachments<\/strong><\/p>\n