Both companies will, according to Philips, remain market leaders and continue to carry the name Philips. The healthcare company had a combined turnover of
around 15 billion euros (19.3 billion U.S. dollars) in 2013, while the lighting
company had a turnover of 7 billion euros. Philips did not mention a time
schedule for the split.
The healthcare company will consist of a merger between the health and consumer division. A Philips statement said the goal is to "capitalize on the
convergence of professional health care and consumer end-markets across the
health continuum, from healthy living and prevention to diagnosis,
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The lighting division will focus primarily on innovative lighting solutions and projects as relieving entire neighborhoods and buildings.
"I do appreciate the magnitude of the decision we are taking, but the time is right to take the next strategic step for Philips, as we continue on our
transformation," said Frans van Houten, CEO of Philips, in a press release.
"Both companies will be able to make the appropriate investments to boost growth and drive profitability, ultimately generating significantly more value
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Philips suffered from difficult market conditions and moderate growth with the company posting 2013 sales of 23.3 billion euros. The firm employs
approximately 113,000 employees in more than 100 countries.
WASHINGTON, Oct. 14 (Xinhua) -- China has capacity and confidence to control systemic risks while maintaining steady growth, said Zhou Xiaochuan, governor of
the People's Bank of China (PBOC) on Saturday.
"The Chinese government has the capacity and confidence to prevent systemic risks and maintain healthy and stable economic operations," said Zhou in a
statement sent to the International Monetary and Financial Committee (IMFC)
meeting.
According to the central bank official, China has set financial risks control as a top priority, and has taken measures to control risks in shadow
banking nike air force 1 mid scontate , reduce corporate leverage, and prevent property market overheating in some areas.
"In recent years, due to factors such as the economic slowdown, structural adjustment, and high volatility in the international financial markets, the
potential risks in China's financial industry have increased, but in general,
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In order to ensure steady growth while avoid the rise of systemic risks, China will continue to maintain stability and continuity of its macroeconomic
policies, said the official.
Chinese economy grew at a fast pace of 6.9 percent in the first half of this year, with consumption and services sector contributing major share of the
economic growth.
In view of the better-than-expected growth, the International Monetary Fund (IMF) upgraded its forecasts for Chinese economic growth in this year and next
year to 6.8 percent and 6.5 percent respectively.
IMF chief Christine Lagarde said at a press conference during the IMFWorld Bank annual meetings that the IMF welcomed China's decisions to tame and reduce
credit growth. She suggested China should continue the policies to rein in
credit growth in order to prevent financial risks.
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