Philips announces reorganisations

10th September 2007, Comments 0 comments

10 September 2007, AMSTERDAM (AFP) - Dutch electronics giant Philips on Monday announced a corporate reorganisation plan and said it hoped to see sales grow by 6.0 percent a year between 2008 and 2010.

10 September 2007

AMSTERDAM (AFP) - Dutch electronics giant Philips on Monday announced a corporate reorganisation plan and said it hoped to see sales grow by 6.0 percent a year between 2008 and 2010.

The group said in a statement it would "simplify its operational structure" by creating three key units, comprising its medical, lighting and consumer electronics activities, that would each be headed by a single person.

Philips chief executive Gerard Kleisterlee said the reorganisation should not lead to any forced personnel departures. The initiative is expected to result in savings of up to EUR 200 million.

The group added that it foresaw annual sales growth of 6.0 percent between 2008 and 2010, accompanied by a 10 percent gain in its operating profit margin compared with 7.5 percent expected this year.

Philips shares were showing a 3.00 percent gain to EUR 29.22 in early trading on the Amsterdam exchange.

[Copyright AFP 2007]

Subject: Dutch news

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