Philips Appoints Morgan Stanley For Lighting Unit Sale

As we reported last month, Royal Philips announced that it will start the process to combine its Lumileds (LED components) and Automotive lighting businesses into a stand-alone company within the Philips Group. The businesses, which have combined sales of about $1.8 billion, are ready to pursue more growth and scale, independently of Philips Lighting, according to Frans van Houten, Chief Executive Officer of Royal Philips. The chief executive officer of the new company will be Pierre-Yves Lesaicherre, the current chief executive officer of Lumileds.

Reuters have reported that Philips has picked Morgan Stanley to organise the sale of a stake of this new lighting components business. The process is due to kick off after the summer holidays.

26 Jul