Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Philips Seeks More Savings in Consumer Electronics
Aug 18, 2003
 Printable format
 Email this Article
 Search

Philips Electronics NV said it expects to reap an extra 400 million euros (U.S. $456 million) in annual savings by 2005 at its consumer electronics division by sharpening the unit's focus.

The Dutch company said the business, its largest division but only marginally profitable even at the best of times, will focus on three product areas: displays, entertainment hubs or networked multimedia devices, and "infotainment" -- mobile audio, video, and communications products.

Philips will be looking to cut costs in IT, distribution, packaging, and production within the unit and it could also prune its product portfolio, a Philips spokesman said.

Philips, Europe's largest maker of consumer electronics and lighting and number three in semiconductors, said the new savings were on top of the one billion euros in cost savings it plans for 2003.

At its second-quarter results announcement 2 weeks ago, the company said it had also identified 500 million euros of additional overhead cost savings. The Philips spokesman said the 400 million-euro expense reductions in the consumer electronics unit were separate and on top of these 500 million euros.

The spokesman said the size of one-time restructuring charges, aimed to reduce overlap and duplication, would be decided in the current quarter, but it was too early to give details.

The consumer electronics unit made a second-quarter loss of 42 million euros, below an expected break even, on sales of 1.98 billion euros -- about a third of the company's total sales. (Reuters)

Back to Daily News

 

Daily News

...........................................................

Oct 30, 2014: Whirlpool Corp. reports strong third-quarter

Oct 30, 2014: Statistical Portrait of the European Appliance Industry Released by Appliance Magazine

Oct 30, 2014: New Whirlpool acquisition Indesit reports profit for year so far

Oct 30, 2014: Consumer Confidence Index rebounds in October

Oct 29, 2014: New home sales up slightly in September 2014

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

October 2014: Portrait of the European Appliance Industry
September 2014: Appliance Industry Focus: HVAC
June 2014: Appliance Magazine Market Insight: April 2014
May 2014: Appliance Magazine Market Insight: March 2014




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Plastics Today | Powder Bulk Solids | Canon Trade Shows