Philips Electronics said it is on track to reach a 3% core profit margin in its consumer electronics division for 2007. Rudy Provoost, the head of the division, said in a statement that most parts of the business are improving, except for displays, which is facing tough competition in the U.S. market.
The company reiterated that it expects to see annual cost savings of €150 million to €200 million (approx. US$221-$294 million) in its consumer lifestyle division by 2010. (Reuters)