Philips focuses on healthcare tech

Lightbulb company Royal Philips is swapping its heritage for the consumer healthcare business.

CEO Frans Van Houten said in a statement that the announcement is part of what has been an ongoing transformation and that the change—which includes spinning off the lighting business—is essential for Philips “to become the global leader in HealthTech and shape the future of the industry.” Philips expects the freestanding healthcare business will address professionals and consumers. The company's healthcare portfolio currently includes ultrasound diagnostics, healthcare informatics and oral healthcare.