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Philips to merge subsidiaries

  • Philips (PHG) will merge its Lumileds LED components and Automotive lighting subsidiaries into one unit, as the company attempts to bring in more third-party capital.
  • "As a world-leading lighting components business, they will have increased flexibility to attract additional investors to accelerate growth," says CEO Frans van Houten.
  • In 2013, the two divisions amassed more than $1.9B in combined sales. The merger is expected to take place in the first half of 2015, and will cost Philips around €30M in the second half of this year.
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