They invested almost $3 Billion to expand fixture business, it became the biggest of the biggest, and it's never mentioned, BIZARRE! Became even the biggest in the U.S. beating out Acuity and GE on their home turf, then they start dismantling it....then they sell off auto lamps and LED components? WHY? With autolamps div, means they deal with all the car makers, why sell it? How do you sell more LED and stuff to car makers, if you ain't doing it, WEIRD!
After 125 years in business, the last 10 have been a disgrace, who is advising PHILIPS, to self destruct? Every product line they had is gone, they where #1 in so many and lost it....it's really weird. Philips brothers Anton and Gerard are twisting in their graves, how can you get rid of the BASIC business that started Philips? Wall Street destroys another. Lighting is making money, it's the biggest in teh world, in the stuff, and poof! Same with tv's they where biggest in the world at one time, invented most of the stuff in tv's then just let it go....and the execs got massive pay checks to destroy it all. WOW. GE or Siemens will swallow what's left...I really thought it was gonna go the other way, Philips blew it...who turns off the lights, while its' still PHILIPS lights. ASML, NXP,Polygram,Taiwan Semi,Panasonic! all because it was created by PHILIPS, poof all gone. LG was 50 owned in Displays by Philips, then they give it all to LG? Why did GE and Siemens grow, doing all the same stuff Philips did? Philips and GE should have merged decades ago, it woulda been a major player
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It is not only Lightolier but the entire luminaire divisions. Except for reporting LED sales as a percentage of total sales they rarely talk about lighting. It is ashame what Philips management did to Day-Brite, Omega, mcphilben, Gardco etc. etc. Great brand names destroyed by an egotistical attitude that the Philips name was supremacy. I blame the CEO and top management for this debacle. Take a look at Lithonia (AYI). They are kicking butt. Philips management will eventually kill all businesses they own. To much ego, no common sense!!
With their management structure now based on Buy For Resale rather than innovate and delight, they became a follower and too late to correct. Very sad that Lightolier was destroyed.
i am curious what happens to the stock once the lighting is spun off...what is this health tech company going to be valued at? lower? higher?? I have not seen any comments on this as Philips seems to be "not on the radar" of wall st