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Updated : Sep 23, 2014, 04:43 PM IST
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Philips on Tuesday said it will break its 120-year-old company in two, creating a stand-alone lighting business and merging consumer and healthcare divisions into a €15-billion business.
The company said in a statement the new structure will bring cost savings of €100 million next year and a further €200 million in 2016.
Philips expects to incur a charge of around €50 million for restructuring from 2014 to 2016.
