Dutch lighting and healthcare company Philips will merge its Lumileds LED components and Automotive lighting subsidiaries into a standalone unit to which they will attempt to attract third-party capital, the company said.
The two businesses had combined sales of about 1.4 billion euros ($1.9 billion) in 2013.
“Both our Lumileds and Automotive lighting businesses are strong players in the lighting industry and ready to pursue more growth and scale, independently of Philips Lighting,” said Philips CEO Frans van Houten in a statement on Monday.
“As a world-leading lighting components business, they will have increased flexibility to attract additional investors to accelerate growth,” he said.
