Philips will merge and automotive LED lighting department

　　June 30 evening, the Dutch lighting and medical equipment manufacturer Philips announced that the company will merge its LED components and automotive lighting division, set an independent subsidiary, this part of the business of the future may be stripped.

　　It is reported that Philips Automotive Lighting Division is a major supplier of automotive lighting Volkswagen, Audi and BMW customers. LED automotive lighting business in 2013 and consolidated revenues of about 1.4 billion euros (about 11.9 billion yuan), accounting for 17% of total business revenue of Philips Lighting.

　　Philips side said that the establishment of the new company after the merger, its lighting division will remain a key customer of the new company, but Philips will look for third-party investors, while not ruled out becoming a minority shareholder of the new company possible.

　　It is understood that the merger is expected to be completed in the first half of 2015, the new company will be in charge of LumiledsLED rasagiline current CEO Mitchell (PierreYvesLesaicherre), Philips expects to expense the cost of about 30 million euros to this end. However, Philips has not announced a new valuation of the company.