During the late 1980s, Thomson-CSF, anticipating defense spending cutbacks, conducted a radical business restructuring, merging its semiconductor interests with those of the Italian defense group Finmeccanica and exchanging its medical imaging technology for General Electric's consumer electronics businesses. Towards the latter decades of its operations, Thomson-CSF built itself up into a multinational company. During 1989, Thomson-CSF acquired Philips' defence electronics business, Hollandse Signaalapparaten B.V. In 1999, the company was privatised, but not before disposing of its consumer electronics businesses. Shortly after, Thomson-CSF took over the British defence electronics company Racal Electronics. During December 2000, the business was rebranded "Thales Group".