Philips to split into two

Philips said Tuesday it would split the 120-year-old Dutch giant in two, separating its healthcare-lifestyle division from the historic lighting business in a dramatic streamlining move.

Both companies will continue to use the Philips name, the company said in a statement, noting that its HealthTech business had sales of 15 billion euros ($19 billion) in 2013 and its lighting business sales of 7 billion euros.