Philips explains the refusal to release household appliances

It became known that Philips is going to separate the production of household appliances into a separate business and

sell it. The manufacturer has already explained the reason for this decision.

It is reported that the establishment of a legal structurefor this business will take from a year to a year and a half. When everything is ready, Philips will sell the new organization, that is, in fact, refuse to produce household appliances.

As the CEO of Royal Philips said,the company made this decision due to the fact that the production of household appliances no longer meets its strategic goals. Instead, Philips intends to focus on the medical technology business.

It is also noted that last year the company earned 2.3 billion euros in the production of household appliances.