Phillips to split into two companies

Dutch electronics giant Philips is planning to split the company in two, separating its lighting business from its healthcare division. 

Both companies will continue to be based in the Netherlands and use the Philips name. 

Philips has been streamlining its business by selling off under-performing parts of  the business in recent years. 

Chief Executive Frans van Houten said the move was meant to prepare the company for the next century.