The Wall Street Journal reported that Dutch electronics group Philips said on the 19th that it plans to split its lighting division and make its initial public offering (IPO) next year. Philips said it is also reviewing other options for its lighting division, but it is currently expected to be in the first half of next year, depending on market conditions and other relevant circumstances. In a notice to shareholders, Philips pointed out that at the outset, it may only sell a minority stake in lighting operations, the long-term goal is to completely detach, and any proceeds from the sale will be invested in its health care technology department. Philips did not disclose how much it would like to raise from any IPO or stock sale, but said the split will allow both companies to focus on their operations, making Philips more dependent on health care equipment and consumer lifestyle products. Philips said its lighting operations, including all business activities, assets and liabilities, will be converted into an independent holding company structure. However, the lighting operations to be split will not include automotive lighting and Lumileds (LED components) operations. Philips will vote on the split proposal at the annual general meeting on May 7. Peter Olofsen, an analyst at investment firm KeplerCheuvreux, said that Philips’s statement on the 19th showed that it might take several more months to separate the lighting sector, highlighting the complexity of the move. Philips' previous timeframe means that its lighting operations will be in the first quarter of next year. Ou Lufusen stressed that in many countries, Philips' health care and lighting have been integrated for a hundred years or more, and how to divide internal services such as human resources and information technology, which amount to about 500 million euros. Costs that will affect their respective profits will be another thorny issue. Philips shares weakened in early trading on the 19th, coming to 27.135 euros per share (about 179.36 yuan), down nearly 1 from the 18th. Philips said in September last year that it would split into two companies and split its lighting operations. This division is the latest action after a number of profit-taking warnings and a criticized and cumbersome corporate structure.
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