Origin, Philips Electronics' software and services division, isn't for sale, its chief executive officer insisted this week. CEO Robert Pickering told interviewers that Origin has an important part to play in Philips' growth strategy, despite not being defined as a core business.
Rumours have abounded that Philips, which has an 89 per cent stake in Origin, will sell, following on from its decision in May to sell its stake in entertainment subsidiary Polygram. This year, Philips was in talks with accountancy giant Pricewaterhouse Coopers for a partial sale of Origin, although these broke down in February.
While he doesn't rule out a break with Philips in the future Pickering says there are no current plans for a sale. Since he joined Origin six months ago, as its fourth CEO in two years, Pickering has begun a return to profitability, after two years of losses.
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