"We reiterate our view of a slow first half to 2013, due to adverse market trends, especially in Europe and the U.S., " said Chief Executive FransvanHouten in a statement.
"With this transaction we are taking another step in reshaping the Consumer Lifestyle portfolio and transforming Philips into the leading technology company in Health and Well-being, " said Philips Chief Executive Officer FransvanHouten.
However, chief executive FransvanHouten said he expected sales to remain subdued in the first half of this year, because of the "challenging market" in the US and Europe, which account for well over half of Philips' revenues.