11 September 2014 Last updated at 07:21 BST
But today, nearly half of the Dutch firm's business is focused on healthcare.
In fact, it's selling its home entertainment division and betting on new opportunities in Asia, where there's a growing aging population.
Ashleigh Nghiem asked the company's chief executive, Frans van Houten, about this push into Asia.
When you think of the brand name Philips, you probably think of consumer electronics and lighting.