Recently, according to foreign media reports, the Philips Group is planning to complete the sale of its LED lighting business Lumileds before the end of the year.
In an interview with the media, Philips Global CEO Wan Hao said that the group has been in contact with Lumileds buyers. “We are very patient and will complete the transaction in the second half of this year.â€
Earlier, Philips said in a company statement that the group achieved good results this year. Net profit for the quarter (before interest and tax amortization) was 649 million euros, up 13.86% from 570 million yuan in the same period last year; sales increased 2% year-on-year, compared with 5.9 billion yuan in the same period last year.
Under the leadership of Marriott, Philips focuses on the healthcare market and divests the independent IPO of the lighting business and sells Lumileds assets. Earlier information disclosure, Philips is in talks with Apollo Asset Management to discuss the sale.
Positive performance has also been recognized by the capital market. On Monday, Philips shares rose 4.4% to 27.32 yuan per share, which is the biggest one-day gain since January this year. The closing price of the day is also the highest share price since April 2015.
At the same time, Wan Dunhao revealed that Philips is actively discussing the sale of Lumileds general lighting and automotive lighting. At the same time, Philips plans to sell the remaining 71% of Philips Lighting shares currently held in the next few years.
In a recent investor conference call, Marriott said that the company would not be eager to sell Philips Lighting shares, and would be more cautious in choosing buyers. This may have been affected by the failure of Chinese investor Jinshajiang Venture Capital to acquire Lumileds.
At the same time, he also declined to disclose which company is currently negotiating with the Lumileds acquisition, although it has been rumored that the US Apollo Asset Management Company is in contact with Philips.
Philips Lighting announced its quarterly results as of the end of September. The quarterly net profit was 51 million euros (approximately 434 million Hong Kong dollars), down 30.1% year-on-year.
During the period, sales fell 5.4% to 1.745 billion euros (approximately 14.952 billion Hong Kong dollars), while comparable sales fell 3.3% year-on-year. Sales of LED related products increased by 16% year-on-year. During the period, the company recorded a restructuring and M&A expenses of 55 million euros (approximately 468 million Hong Kong dollars), more than the company's earlier estimate.
Wan Dinghao said that the company expects a fundamental change in revenue in the third quarter. But also pay attention to the possible volatility risks of the market.
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