South Korean tech giants, Samsung and LG are possible candidates that could acquire Royal Philips‘ domestic appliance unit. This might have either of the two companies soon offering small home products in the near future.
While nor Samsung or LG have confirmed anything or given an official announcement, the Dutch conglomerate Philips has already revealed its plans of selling its domestic appliance business in 2021. According to a Pulse report, market insiders have speculated that Samsung might be planning on acquiring the appliances division from Philips.
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However, that is still uncertain, especially considering, Samsung’s focus being more towards higher end products and white goods. Notably, the decision from Philips to sell its appliance business arrives after the company’s efforts to begin focusing on the healthcare sector. This path led Philips to sell off its audio and video business and lighting unit.
Similar to Samsung, LG Electronics is also a potential candidate for the buyout. At the moment, Samsung is selling large home appliances like refrigerators, ovens, washing machines, and more. So, acquiring the Philips appliance unit could have it soon start selling smaller products across the globe. Philips has factories set up in Austria, Brazil, and China, with R&D centers employing about 4,700 personnel in India, Hong Kong, Singapore, and Italy.
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