Philips sells majority share in optics

Shareholders of Royal Philips Electronics will see a loss of €12m in first quarter results as the company sells off a 90 per cent share of its Chinese optics business.

The value of the sale of High Tech Plastics (HTP) Optics in Suzhou, China, to Hong Kong’s Triumph Pan-Pacific Capital Limited, was undisclosed.

HTP Optics Suzhou manufactures plastic, high-precision lenses used in camera phones, CD and DVD readers and in scanners. It employs around 300 people, primarily based in Suzhou.

According to Philips, the sale represents its shift in focus to its healthcare, lighting and consumer lifestyle businesses.