Dutch firm Philips announced Thursday the sale of its home appliances business to Asian investment firm Hillhouse Capital for 3.7 billion euros ($4.4 billion), as the former electronics giant focuses on healthcare. "I am pleased that in Hillhouse Capital we have found a new home for the domestic appliances business to further expand on its market leadership, strong brand and pipeline of new innovations," Philips CEO Frans van Houten said a statement. dk/lth