Yesterday, Philips announced that its Annual General Meeting of Shareholders (AGM) has approved the separation of the Lighting business from Royal Philips.
"We welcome the decision by the AGM to approve the separation of our Lighting business from Royal Philips and I fully appreciate the historic significance of today’s meeting," said Frans van Houten, Philips Chief Executive Officer. The AGM also approved the proposal to re-appoint van Houten as CEO.
The Eindhoven electronics company is going to focus on health technology. This means the end of an era for Philips, which has manufactured light bulbs since 1891.
Philips already announced the separation last September and the news then came as a bombshell for the Philips employees at the High Tech Campus in Eindhoven.
According to De Telegraaf, the Lighting division headquarters will probably be situated in Eindhoven, but the exact location is not known yet.
Source: Studio040 and www.newscenter.philips.com