Philips

In September 2021, Philips completed the divestment of its Domestic Appliances business to Hillhouse Capital, a global investment firm, for an enterprise value of approximately EUR 3 billion. The transaction involved a long-term brand licensing agreement and allowed Philips to focus on expanding its leadership in health technology.

On June 14, 2021, Philips issued a voluntary recall of its CPAP, Bi-Level PAP devices, and mechanical ventilators due to potential health risks related to the sound abatement foam used in the devices. The foam could degrade and emit harmful particles and gases. The recall affected millions of devices and had significant financial and reputational impacts on the company.

In July 2020, Philips announced the agreement to acquire Intact Vascular, Inc., a privately-held developer of medical devices for minimally-invasive peripheral vascular procedures, to expand its image-guided therapy portfolio. The acquisition involved a cash consideration of $275 million, plus deferred payments for reaching certain milestones.

In May 2019, Philips completed the acquisition of Carestream Health's Healthcare Information Systems business. This strategic deal aimed to expand Philips' leadership in imaging technology and healthcare informatics, improving the workflow and interoperability solutions in the healthcare sector. The acquisition enhanced Philips' ability to provide comprehensive enterprise imaging solutions.

In 2018, Philips marked a significant shift in its business model by rebranding and strategically focusing on health technology. This came after divesting from its traditional electronics divisions, including lighting and components. The rebrand emphasized their commitment to making the world healthier and more sustainable through innovation in diagnosis, treatment, and home care solutions.

In March 2017, Philips announced the successful spin-off of its Lumileds division to Apollo Global Management. Lumileds was known for producing LED components, and the divestiture was part of Philips' strategic plan to focus solely on health technology. The transaction was valued at approximately $2 billion, allowing Lumileds to operate as an independent global lighting company.

In June 2014, Philips launched its most advanced LED lighting technology, the SlimStyle bulb, which combines excellent energy efficiency with a unique shape that improves heat management without heavy metal heat sinks. This innovation reinforced Philips' position as a leader in lighting technology, making LED bulbs more accessible to consumers and contributing to greater energy savings worldwide.

In 2012, Philips expanded its healthcare portfolio with the introduction of a wide range of digital imaging and patient monitoring solutions. The expansion was part of a broader strategy to emphasize their focus on healthcare technology and improve clinical outcomes by providing hospitals and healthcare facilities with integrated systems that aid in diagnosis and patient care.

In September 2011, Philips acquired Sectra's mammography business, further strengthening its woman’s health portfolio. This acquisition allowed Philips to offer a comprehensive suite of mammography solutions and enhanced the company’s presence in breast cancer screening and diagnosis, aligning with its strategy of expanding in the healthcare sector, particularly in women's health.

In April 2010, Philips announced the sale of its majority stake in its Television business to TPV Technology as part of a strategy to exit the low-margin consumer electronics market. The joint venture aimed to leverage Philips' brand and TPV’s manufacturing and supply chain expertise. This move was a step towards Philips focusing more on expanding its health technology portfolio.