Royal Philips Electronics dates back to 1891 when it started making carbon filament lamps in Netherlands. Over the years, the list of inventions has only been growing to include many breakthroughs that have continued to enrich people’s everyday lives. Some of their basic consumer electronics include TVs, VCRs, DVD players, and fax machines. But it also makes light bulbs, electric shavers and other personal care products. In September 2004, Philips launched its “sense and simplicity” brand promise, which marked a new way forward for the company.
Reorganization at Philips
Recently, Philips has announced a reorganization to increase its profits. This is to be called , Vision 2010.One of its aims is to double operating profits by 2010.Philps is now focusing on three main markets i.e healthcare, lighting (formerly Philips Medical Systems) and consumer “lifestyle” products like domestic (formerly Philips Consumer Electronics and Philips Domestic Appliances and Personal Care appliances and consumer electronics).Each division has its own CEO to look after its working. This way the employees are much more focused and driven to work for a specific product line. Its LCD TV has also become one of the top LCD TV’s worldwide even taking over the Chinese markets. To improve on its lighting division , Philips has also acquired the company “Color Kinetics” last June. Philips says the move will save between 150 million euros (206.58 million dollars) to 200 million euros (275.47 million dollars) in expenses. By 2010, Philips expects the earnings before interest, taxes and amortization margin of its current businesses to exceed 10 percent from its current level of 7.5 percent, which it said was on course.
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