Dutch electronics giant Philips plans to split business

Dutch electronics giant Philips has said it is planning to split the company in two, separating its lighting business from its healthcare division.

Both companies will continue to be based in the Netherlands and use the Philips name, it said in a statement.

Philips has been streamlining its business by selling off underperforming parts of the business in recent years.

Chief executive Frans van Houten said the move was meant to prepare the company for "the next century".

"I do appreciate the magnitude of the decision we are taking, but the time is right to take the next strategic step for Philips, as we continue on our transformation," he said.

"Both companies will be able to make the appropriate investments to boost growth and drive profitability, ultimately generating significantly more value for our customers, employees and shareholders".

Philips, which began as a lighting company back in 1891, said the separation would make it easier for the lighting business to enter new markets.

It also said it would

Philips, Samsung and Infineon in 138m-euro cartel fine

Philips, Samsung and Infineon have been fined 138m euros (£110m; $182m) by the European Commission (EC) for fixing prices of chips in used in smartphones.

The electronics giants "colluded" on pricing, contracts and capacity between 2003 and 2005, the EC said.

Infineon was fined 82.8m euros, Samsung 35.1m euros, and Philips 20.2m euros.

Germany's Infineon and Dutch firm Philips rejected the charge and said they would appeal. South Korea's Samsung had yet to comment.

Renesas, a joint venture between Hitachi and Mitsubishi, avoided a fine for revealing the existence of the cartel, the EC said.

The three fined companies