Philips has found a way to get rid of the business of manufacturing light bulbs

Dutch conglomerate Philips has announced plans to get rid of a unit for the production of light bulbs. The company will bring it to the exchange and sell within a few years, controlling stake.

The unit for the production of light bulbs Philips will be highlighted in a separate structure, and is displayed on the Euronext Amsterdam stock exchange. First will be sold 25% shares, and then the Dutch for several years to get rid of a controlling stake to focus on production of a medical nature, the Financial Times reports, citing a company statement.

The CEO of Philips Frans van Houten said that the unit for the production of light bulbs, called Lumileds “can reasonably expect to succeed as an independent company.” Manual Philips believes that the transition from consumer goods to medical offers more opportunities for growth.

Previously, Philips had planned to sell 80.1 percent Lumileds Chinese consortium for $2.8 billion in January But the deal fell through because of objections by us regulators.