During the late 1980s, Thomson-CSF, anticipating future defense spending cutbacks and a downturn in its lucrative export contracts, initiated a restructuring of its businesses with the aim of maintaining its margins. A policy of proactive external growth was adopted, focusing on the European market. Between 1987 and 1976, the company's non-French subsidiaries' share of consolidated revenues rose from 5% to 25%. During 1988, a new division, "Thomson Consumer Electronics" was formed. In 1995, this division was rebranded as "Thomson Multimedia". During 1989, it acquired Philips' defence electronics business, Hollandse Signaalapparaten B.V.. During the 1990s, Thomson-CSF gained a controlling interest in "Sextant Avionique", which was formed by the merger of the company's avionics business with that of French aircraft manufacturer Aérospatiale. The company also divested its interests in the French bank Crédit Lyonnais and semiconductor manufacturer SGSThomson.