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.
"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 Frans van Houten, Chief Executive Officer (CEO) of Philips "As a world-leading lighting components business, they will have increased flexibility to attract additional investors to accelerate growth."
Philips Lighting Chief Executive Officer (CEO) Eric Rondolat added "By combining Philips Automotive lighting and Lumileds, the Automotive lighting customers will continue to benefit from a fully integrated end-to-end R&D and supply chain, enabling the adoption of LED technology in automotive applications."
The CEO of the new company will be Pierre-Yves Lesaicherre, the current CEO of Lumileds. The process to combine Lumileds and Automotive into an integrated business within the Philips Group is expected to be completed in the first half of 2015.