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Philips eyes Saudi market with major acquisition

Dutch electrical goods giant Philips on Monday announced a major acquisition in Saudi Arabia as it seeks to bolster its position in one of the major economies of the region. Philips said it had bought a 51-percent stake in the General Lighting Company, one of the Kingdom's top lighting firms, for $235 million (169 million euros). The new firm, which will employ some 1,300 people, is to be called Philips Lighting Saudi Arabia, the Dutch company said in a statement.

Philips reports sharp switch into annual profit

Electrical appliance and household goods group Philips switched back into profit in the whole of 2013 and in the last quarter, the company said on Tuesday. The Dutch group, which has developed rapidly in the high-margin medical equipment sector, reported net profit for the year of 1.17 billion euros ($1.6 billion)from a loss of 30 million euros in 2012. The turnaround was largely attributable to a leap in gross margins. In the last quarter, profit amounted to 412 million euros from a comparable loss of 420 million euros.

Insight: Philips restores profit by rediscovering relevance

By Sara Webb AMSTERDAM (Reuters) - Every year Singaporeans and Malaysians choke on smoke when farmers and plantation firms in neighboring Indonesia clear the land with fires during the dry season. Last summer, Philips diverted stocks of air purifiers from Hong Kong and China to the area in time for the worst pollution in 16 years.

Philips raided by European Commission

THE HAGUE, Dec. 6 (Xinhua) -- Inspectors from the European Commission raided Dutch electronics company Philips as part of an investigation of Internet sales by several electronics companies, Dutch media reported Friday. Philips stated that the company "fully cooperated" with the investigation. "No further information can be given, because the investigations are still ongoing," a company spokesperson said.

FDA warns that recalled defibrillators from Philips may fail to work in emergencies

WASHINGTON - Federal health regulators are warning the public not to use certain defibrillators recalled by Philips Healthcare because the heart-shocking devices may fail to operate in emergency situations. Philips recalled three models of its HeartStart devices in September due to an electrical malfunction. The recall affects about 700,000 defibrillators sold between 2005 and 2012.

Philips: a phoenix with lessons for industrial lame ducks

Back in 1978 in a boardroom near Lake Geneva, a bunch of nervous Philips inventors demonstrated a device that was to revolutionise the entertainment industry for the next three decades. Called the "Pinkeltje" after a small Dutch gnome in a children's story, the device performed flawlessly -- and so the world's first Compact Disc (CD) player was born. Thirty-five years later the Netherlands' Philips, once one of Europe's best-known brands for radios and televisions, is ditching the consumer electronics business that used to be its bread and butter, and is thriving.

Philips cancels 150-mn-euro sale of entertainment business

Dutch group Philips said on Friday it was terminating the 150-million-euro ($207 million) sale of its entertainment business to Japan's Funai, alleging breach of contract. "Philips will take legal action to recover damages caused by breach of contract by Funai," the company said in a statement. Philips said in January it was selling its entertainment business to long-term partner Funai in order to focus further on health products.

Philips profits nearly triple as turnaround bears fruit

By Sara Webb AMSTERDAM (Reuters) - Philips <PHG.AS> reported a near-tripling in third-quarter net profit, beating forecasts and pushing its shares to their highest since mid-2010 after two years of cutting costs, selling weak businesses and targeting new products at emerging markets.

New-look Philips reports accelerating profits

Dutch group Philips, which has transformed itself away from some of its traditional businesses, reported an almost three-fold surge in third-quarter net profit on Monday. The company also announced that later in the day it would begin to buy back its own shares under a programme totalling 1.5 billion euros ($2.0 billion). Philips has experienced great difficulties in recent years and has responded with a restructuring which has involved reducing and refocusing its lighting and television businesses, for which it is still known worldwide.

Philips launches 1.5-billion-euro share buyback

Dutch electronics giant Philips is to buy back 1.5 billion euros of shares, the company said Tuesday, also raising its targets for 2016. The company, increasingly focused on healthcare, said it wanted to push ahead with its restructuring programme, including through job cuts. Chief executive Frans van Houten declined to say how many jobs were concerned. "We're not disclosing this number because these are mainly from natural attrition and it would cause unnecessary anxiety," Van Houten told a telephone press conference.
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