Philips to get out of semiconductor business by the end of the year
Dutch electronics group Philips has said that they plan to pin off or sell the majority of its volatile semiconductor business by the end of the year. This would limit the company’s reliance on the unpredictable microprocessor market.
The company added that they would float or sell most of their semiconductor business to financial investors. However, they plan to retain a part of their businesses in this sector.
Market analysts believe that the value of their businesses in the sector is worth around €5 billion-€6 billion.
Philips added that they had also considered selling the business in its entirety but the plan was discarded. The company said: “We have crystallized our thinking and would like to take a minority holding by the end of this year.”