Philips Looking for a buyer on its home appliance division

Royal Philips NV has shortlisted a clutch of Asian suitors in the bidding for its home appliance unit, which could fetch at least 3 billion euros ($3.7 billion), people with knowledge of the matter said.

Philips invited Chinese buyout firm CDH Investments and domestic appliance maker TCL Technology Group to lodge second-round offers, according to the people. Asian investment firm Hillhouse Capital Management has also progressed as well as at least one other party.

Philips said last year that it plans to sell the home appliance unit, which produces everything from coffee makers to air purifiers. The potential disposal forms part of Philips’ efforts to revamp it into a focused manufacturer of health-care equipment.

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