Editing Philips (section)

=== 2011–: Focus on healthcare ===
After two decades in decline, Philips went through a major restructuring, shifting its focus from electronics to healthcare. Particularly from 2011 when a new CEO was appointed, Frans van Houten. The new health and medical strategy have helped Philips to thrive again in the 2010s.<ref name="auto"/> On 5 December 2012, the antitrust regulators of the [[European Union]] fined Philips and several other major companies for fixing prices of TV [[cathode-ray tube]]s in two cartels lasting nearly a decade.<ref>{{cite news |title=Philips, LG Electronics, 4 others fined 1.47 billion Euros for EU cartel |url=http://economictimes.indiatimes.com/news/international-business/philips-lg-electronics-4-others-fined-1-47-billion-euros-for-eu-cartel/articleshow/17493208.cms |newspaper=[[The Economic Times]] |date=5 December 2012 |access-date=5 December 2012 |archive-url=https://web.archive.org/web/20130526112242/http://articles.economictimes.indiatimes.com/2012-12-05/news/35620323_1_lg-electronics-cartel-samsung-sdi |archive-date=26 May 2013 |url-status=live}}</ref>

On 29 January 2013, it was announced that Philips had agreed to sell its audio and video operations to the Japan-based [[Funai|Funai Electric]] for €150 million, with the audio business planned to transfer to Funai in the latter half of 2013, and the video business in 2017.<ref>Van, Robert. (29 January 2013) [https://blogs.wsj.com/source/2013/01/29/philips-exits-consumer-electronics/ Philips Exits Consumer Electronics – The Source – WSJ] {{Webarchive|url=https://web.archive.org/web/20171125094913/https://blogs.wsj.com/source/2013/01/29/philips-exits-consumer-electronics/ |date=25 November 2017}}. Blogs.wsj.com. Retrieved on 16 August 2013.</ref><ref name=bbc29113>{{cite news|url=https://www.bbc.co.uk/news/business-21242127|title=Philips to exit hi-fis and DVD players|access-date=2 February 2013|work=BBC News|date=29 January 2013|archive-url=https://web.archive.org/web/20130131104232/http://www.bbc.co.uk/news/business-21242127|archive-date=31 January 2013|url-status=live}}</ref><ref>{{cite news|url=http://uk.reuters.com/article/uk-philips-idUKBRE90S0C820130129|title=Philips exits shrinking home entertainment business|access-date=2 February 2013|work=Reuters|date=29 January 2013|archive-url=https://web.archive.org/web/20130517221657/http://uk.reuters.com/article/2013/01/29/uk-philips-idUKBRE90S0C820130129|archive-date=17 May 2013|url-status=dead}}</ref> As part of the transaction, Funai was to pay a regular licensing fee to Philips for the use of the Philips brand.<ref name=bbc29113/> The purchase agreement was terminated by Philips in October because of breach of contract<ref>[http://www.broadbandtvnews.com/2013/10/25/philips-to-take-legal-action-against-funai/ Philips to take legal action against Funai] {{Webarchive|url=https://web.archive.org/web/20131028033116/http://www.broadbandtvnews.com/2013/10/25/philips-to-take-legal-action-against-funai/ |date=28 October 2013}}. Broadbandtvnews.com (25 October 2013). Retrieved on 9 December 2013.</ref> and the consumer electronics operations remained under Philips. Philips said it would seek damages for breach of contract in the [[United States dollar|US$]]200-million sale.<ref name="ABC">{{cite news|url=https://abcnews.go.com/Technology/wireStory/philips-breaks-off-deal-funai-20679628|title=Philips Breaks off Deal With Funai|last1=Sterling|first1=Toby |last2=Yamaguchi |first2=Mari |work=[[ABC News (United States)|ABC News]] |agency=[[Associated Press]] |access-date=22 June 2014|location=Amsterdam| archive-url=https://web.archive.org/web/20131102130812/https://abcnews.go.com/Technology/wireStory/philips-breaks-off-deal-funai-20679628 | archive-date=2 November 2013}}</ref> In April 2016, the [[International Court of Arbitration]] ruled in favour of Philips, awarding compensation of [[Euro|€]]135 million in the process.<ref>{{cite web|url=http://www.philips.com/a-w/about/news/archive/standard/news/press/2016/20160426-philips-announces-decision-by-icc-international-court-of-arbitration-in-funai-arbitration-case.html|title=Philips announces decision by ICC International Court of Arbitration in Funai arbitration case|date=26 April 2016|website=Philips Electronics|language=en-US|access-date=23 July 2016|archive-date=28 July 2020|archive-url=https://web.archive.org/web/20200728065742/https://www.philips.com/a-w/about/news/archive/standard/news/press/2016/20160426-philips-announces-decision-by-icc-international-court-of-arbitration-in-funai-arbitration-case.html|url-status=live}}</ref>

In April 2013, Philips announced a collaboration with [[Paradox Engineering]] for the realization and implementation of a "pilot project" on network-connected street-lighting management solutions. This project was endorsed by the [[San Francisco Public Utilities Commission]] (SFPUC).<ref>{{cite web |url=http://www.startupticker.ch/en/news/april-2013/paradox-engineering-and-philips-lighting-working-together-on-smart-city-solutions#.Uh8LgNL0HKM |title=Paradox Engineering and Philips Lighting working together on smart city solutions |website=startupticker.ch |access-date=2 September 2013 |archive-url=https://web.archive.org/web/20131203013519/http://www.startupticker.ch/en/news/april-2013/paradox-engineering-and-philips-lighting-working-together-on-smart-city-solutions#.Uh8LgNL0HKM |archive-date=3 December 2013 |url-status=dead}}</ref>

In 2013, Philips removed the word "Electronics" from its name – becoming Royal Philips N.V.<ref>{{cite news|url=http://www.eurexchange.com/blob/exchange-en/4060-497582/497578/2/data/er13096e.pdf|title=Koninklijke Philips Electronics N.V.: Name change|access-date=10 July 2013|website=[[Eurex Exchange]]|date=15 May 2013|archive-url=https://web.archive.org/web/20140223051749/https://www.eurexchange.com/blob/exchange-en/4060-497582/497578/2/data/er13096e.pdf|archive-date=23 February 2014|url-status=dead}}</ref> On 13 November 2013, Philips unveiled its new brand line "Innovation and You" and a new design of its shield mark. The new brand positioning is cited by Philips to signify company's evolution and emphasize that innovation is only meaningful if it is based on an understanding of people's needs and desires.<ref>{{cite news|url=https://www.usa.philips.com/a-w/about/news/archive/standard/news/press/2013/20131113-Philips-unveils-new-brand-direction-centered-around-innovation-and-people.html|title=Philips unveils new brand direction centered around innovation and people|website=Newscenter.philips.com|access-date=5 October 2021|archive-url=https://archive.today/20131120095332/http://www.newscenter.philips.com/us_en/standard/news/press/2013/20131113-Philips-unveils-new-brand-direction-centered-around-innovation-and-people.wpd%23.UoyCXOKgS9g|archive-date=20 November 2013|url-status=live}}</ref> On 28 April 2014, Philips agreed to sell their [[wOOx Technology|Woox Innovations]] subsidiary (consumer electronics) to [[Gibson Brands]] for $US135 million. On 23 September 2014, Philips announced a plan to split the company into two, separating the lighting business from the healthcare and consumer lifestyle divisions.<ref>{{cite news|url=https://www.bbc.com/news/business-29324406|title=Dutch electronics giant Philips plans to split business|website=BBC |access-date=23 September 2014|archive-url=https://web.archive.org/web/20140923085558/http://www.bbc.com/news/business-29324406|archive-date=23 September 2014|url-status=live}}</ref> It moved to complete this in March 2015 to an investment group for $3.3 billion.<ref>{{cite news|url=https://www.wsj.com/articles/philips-sells-lighting-business-to-consortium-1427780362|title=Philips Sells Majority Stake in LED Components, Automotive Business|first=Maarten Van|last=Tartwijk|date=31 March 2015|access-date=30 December 2016|newspaper=[[The Wall Street Journal]]|archive-url=https://web.archive.org/web/20161216020715/http://www.wsj.com/articles/philips-sells-lighting-business-to-consortium-1427780362|archive-date=16 December 2016|url-status=live}}</ref>

In February 2015, Philips acquired Volcano Corporation to strengthen its position in non-invasive surgery and imaging.<ref>{{cite news|url=https://www.reuters.com/article/us-volcano-m-a-philips-idUSKBN0JV0G120141217|title=Philips expands in medical devices with $1.2 billion Volcano deal|first=Thomas|last=Escritt|website=Reuters.com|date=17 December 2014|access-date=7 April 2018|archive-url=https://web.archive.org/web/20150924211558/http://www.reuters.com/article/2014/12/17/us-volcano-m-a-philips-idUSKBN0JV0G120141217|archive-date=24 September 2015|url-status=live}}</ref> In June 2016, Philips spun off its lighting division to focus on the healthcare division.<ref>{{cite news|url=http://www.ft.com/cms/s/0/33f5fa4e-1121-11e6-91da-096d89bd2173.html#axzz4E5CZB2Pp|title=Philips plans to spin off lighting business|website=Financial Times|date=3 May 2016|access-date=30 December 2016|archive-url=https://web.archive.org/web/20160911060033/http://www.ft.com/cms/s/0/33f5fa4e-1121-11e6-91da-096d89bd2173.html#axzz4E5CZB2Pp|archive-date=11 September 2016|url-status=live|last1=Jackson|first1=Gavin}}</ref> In June 2017, Philips announced it would acquire US-based Spectranetics Corp, a manufacturer of devices to treat heart disease, for €1.9 billion (£1.68 billion) expanding its image-guided therapy business.

In May 2016, Philips' lighting division Philips Lighting went through a [[Corporate spin-off|spin-off]] process, and became an independent [[public company]] named Philips Lighting N.V.<ref>{{cite web|url=https://www.signify.com/en-us/our-company|title=Our company|website=Signify|language=en|access-date=29 December 2019|archive-date=8 January 2021|archive-url=https://web.archive.org/web/20210108143625/https://www.signify.com/en-us/our-company|url-status=live}}</ref> In 2017, Philips launched Philips Ventures, with a health technology venture fund as its main focus. Philips Ventures invested in companies including Mytonomy (2017) and DEARhealth (2019).<ref>{{cite web|url=https://www.healthcareitnews.com/news/mytonomy-pulls-7-million-first-funding-round-boost-patient-outcomes|title=Mytonomy pulls in $7 million in first funding round to boost patient outcomes|date=4 December 2017|website=Healthcare IT News|language=en|access-date=3 September 2019|archive-url=https://web.archive.org/web/20190903203636/https://www.healthcareitnews.com/news/mytonomy-pulls-7-million-first-funding-round-boost-patient-outcomes|archive-date=3 September 2019|url-status=dead}}</ref><ref>{{cite web|url=https://www.beckershospitalreview.com/artificial-intelligence/philips-leads-6-8m-funding-round-for-ai-driven-health-tech-startup.html|title=Philips leads $6.8M funding round for AI-driven health tech startup|website=beckershospitalreview.com|access-date=3 September 2019|archive-url=https://web.archive.org/web/20190724120727/https://www.beckershospitalreview.com/artificial-intelligence/philips-leads-6-8m-funding-round-for-ai-driven-health-tech-startup.html|archive-date=24 July 2019|url-status=dead}}</ref> On 18 July 2017, Philips announced its acquisition of TomTec Imaging Systems GmbH.<ref name="Yahoo TomTec">{{cite web |last1=Zachs Equity Research |title=Philips Agrees to Acquire TomTec, Continues Buyout Spree |url=https://finance.yahoo.com/news/philips-agrees-acquire-tomtec-continues-134801775.html |website=finance.yahoo.com |date=19 July 2017 |access-date=22 February 2023}}</ref><ref name="BI TomTec">{{cite web |title=Philips To Buy Germany's TomTec Imaging Systems; Terms Not Disclosed |url=https://markets.businessinsider.com/news/stocks/philips-to-buy-germany-s-tomtec-imaging-systems-terms-not-disclosed-1002181476 |website=Business Insider |access-date=22 February 2023}}</ref>

In 2018, the independent Philips Lighting N.V. was renamed [[Signify N.V.]] However, it continues to produce and market Philips-branded products such as [[Philips Hue]] color-changing LED light bulbs.<ref name="Philips Lighting now Signify">{{Cite press release|url=https://www.signify.com/global/about/news/press-releases/2018/20180516-philips-lighting-is-now-signify/|title=Philips lighting is now Signify|date=16 May 2018|publisher=Signify|access-date=10 July 2018|language=en-GB|archive-url=https://web.archive.org/web/20180703163036/https://www.signify.com/global/about/news/press-releases/2018/20180516-philips-lighting-is-now-signify|archive-date=3 July 2018|url-status=dead}}</ref>

In 2021, [[Philips#Operations|Philips Domestic Appliances]] was purchased by [[Hillhouse Investment|Hillhouse Capital]] for $4.4 billion.<ref>{{Cite news|url=https://www.bloomberg.com/news/articles/2021-03-25/philips-sells-appliances-unit-to-hillhouse-in-4-4-billion-deal|title=Philips Sells Appliances to Hillhouse in $4.4 Billion Deal|newspaper=Bloomberg.com|date=25 March 2021}}</ref> The company, now known as [[Versuni]], continues to sell small appliances under the Philips brand under license.

In 2022, Philips announced that [[Frans van Houten|Frans Van Houten]], who had served as CEO for 12 years would be stepping down, after a key product recall cut the company's market value by more than half over the previous year.<ref>{{Cite news |last=Meijer |first=Bart H. |date=16 August 2022 |title=Philips parts ways with CEO in midst of massive recall |language=en |work=Reuters |url=https://www.reuters.com/business/philips-says-ceo-van-houten-leave-october-2022-08-16/ |access-date=2 July 2023}}</ref> He was to be replaced by Philips's EVP and Chief Business Leader of Connected Care, Roy Jakobs, effective 15 October 2022.<ref>{{Cite web |date=16 August 2022 |title=Roy Jakobs to take over the helm at Philips as Frans van Houten steps down |url=https://www.dutchnews.nl/news/2022/08/roy-jakobs-to-take-over-the-helm-at-philips-as-frans-van-houten-steps-down/ |access-date=23 August 2022 |website=DutchNews.nl |language=en-GB |archive-date=16 August 2022 |archive-url=https://web.archive.org/web/20220816073606/https://www.dutchnews.nl/news/2022/08/roy-jakobs-to-take-over-the-helm-at-philips-as-frans-van-houten-steps-down/ |url-status=live}}</ref><ref>{{Cite web |title=Philips' next CEO, Roy Jakobs, provides 'continuity' amid ongoing recall: Barclays |url=https://www.medtechdive.com/news/philips-next-ceo-roy-jakobs-continuity-amid-recall/629889/ |access-date=23 August 2022 |website=MedTech Dive |language=en-US |archive-date=23 August 2022 |archive-url=https://web.archive.org/web/20220823201405/https://www.medtechdive.com/news/philips-next-ceo-roy-jakobs-continuity-amid-recall/629889/ |url-status=live}}</ref> In 2023, the company announced that it would be cutting 6,000 jobs from the company worldwide over the next two years after reporting 1.6 billion euros in losses during the 2022 financial year. The cuts came in addition to a 4,000-person staff reduction announced in October 2022.<ref>{{Cite web |date=30 January 2023 |title=Dutch electronics giant Philips to cut 6,000 jobs worldwide |url=https://apnews.com/article/philips-electronics-layoffs-faf061f38fea2cf83cb7dba803c5d670 |access-date=30 January 2023 |website=AP NEWS |language=en}}</ref>

In August 2023, [[Exor (company)| Exor N.V.]], the holding company owned by the [[Agnelli family]], took a 15% stake in Philips. The transaction was worth roughly €2.6 billion.<ref>{{Cite news |last1=Borrelli |first1=Silvia Sciorilli |last2=Telling |first2=Oliver |date=14 August 2023 |title=Billionaire Agnelli family takes 15% stake in Philips |work=Financial Times |url=https://www.ft.com/content/1ea784d6-3f9b-4461-a30d-6b56e43ef49b |access-date=14 August 2023}}</ref> On 17 September 2024, Philips announced the introduction of the 160cm FDA approved version of its unique LumiGuide endovascular navigation wire. It also marked the 1000th patient treated with its breakthrough 3D device guidance technology.<ref>{{Cite web |title=Philips announces FDA approval for enhanced LumiGuide guidewire and marks the 1000th patient treated with its breakthrough 3D device guidance technology |url=https://www.philips.com/a-w/about/news/archive/standard/news/press/2024/philips-announces-fda-approval-for-enhanced-lumiguide-guidewire-and-marks-the-1000th-patient-treated-with-its-breakthrough-3d-device-guidance-technology.html |access-date=2024-09-17 |website=Philips |language=en}}</ref>