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Sale of its Domestic Appliances unit could land Philips 2.5-4 billion dollars, people familiar with the matter told Bloomberg. The business is likely to attract interest from Asian buyers, including Chinese appliance makers, and private equity firms, they said. European competitors are also looking, one of them said.
CEO Frans van Houten announced the sale late January, explaining the division is no longer “a strategic fit for our future as a health technology leader, as we choose to further sharpen our focus along the health continuum.” Philips has started to separate the business from the Group, which is expected to take 12-18 months.