Hemade deep cuts in the group's portfolioofbusinesses, to simplify it and to get it outof markets, such asconsumer electronics, in whichcompetitorswere running rings around it.
Menlo has always had a strong enterprise portfolio and in the last two years has built out its consumerportfolio, particularly with its Menlo Talent Fund for seed funding, he says.
"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 Frans van Houten.