According to reports, the Philips Group, which has a long history of 120 years on Tuesday, announced that it will split its business into two. The lighting business will set up a separate company, and the consumer goods and pharmaceuticals will merge into a company with a scale of 15 billion euros.

Philips said that the new company after the spin-off will save the company 100 million euros ($128.46 million) in costs in the next year and further save the company 200 million euros in cost in 2016. Philips expects the restructuring to bring the company 50 million euros in costs between 2014 and 2016.

“I am very grateful for the major decision we are making. The timing of this restructuring is very correct for Philips to make the next strategic decision,” said Philips CEO Frans van Houten.

The light bulb manufacturer, founded by the disc inventor Frits Philips, has grown into a multinational company in the electrical industry that operates in many countries. Currently, Philips has focused its development efforts on medical devices and advanced lighting businesses.

Philips said the ongoing restructuring will create two new leading medical technology company Philips (HealthTech) and Philips Lighting (Philips Lighting) in medical technology and lighting. The two companies will use the Philips brand in the future.

Philips said that the company will split the 7 billion euro-scale lighting solution business into an independent legal entity, and the new company may introduce a non-existing shareholding structure through the capital market in the future.

In the earnings outlook released recently, Philips expects the company's diluted earnings before interest, taxes and depreciation earnings per share (EBITA) for the second half of 2014 will be slightly lower than the same period last year.

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