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Philips TV Business Will Lose As Much as $169 Million
Wed Mar 30, 2011 at 12:00 PM ETTags: Philips, Industry Trends (all tags)
Things are looking bad for Philips, but those in charge say that they'll be taking clear action.
Philips is one of very few European TV companies, but things aren't looking good for the brand. The company is set to announce losses of up to $165 million dollars this year - matching the losses made last year.
Gerard Kleisterlee has been the CEO of Philips for the last ten years, but he'll be stepping down this week. Frans van Houten will be taking his place and "taking clear steps" to improve the business.
Television sales make up around a third of the revenue generated by the consumer lifestyle division at Philips, so while a loss in the TV division isn't the end of the world it's still a very big part of the business. Yearly, that's over four billion dollars.
Source: Bloomberg
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