• CNBC, Wednesday, May 4, 2016 9:05 AM

Medical equipment and technology firm Philips said on Tuesday it will spin off its lighting division, the world's largest maker of lights, in an initial public offering of shares. CEO Frans van Houten said it was an "historic" decision for Philips, which began as a lighting company in 1891. Analysts have valued the unit as being worth roughly 5 billion euros ($5.8 billion). Philips Lighting has strong positions in the LED market, which now makes up more than half of sales, and sees future growth in networked, programmable LED lights which will make up part of the much-hyped "Internet of Things."

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