UPDATE: Philips CEO: Expects EUR250 Million Savings In 2nd Half 2009
19 Mai 2009 - 4:24PM
Dow Jones News
Dutch electronics company Royal Philips NV (PHIA.AE) expects to
achieve EUR250 million savings in the second half of 2009, Chief
Executive Gerard Kleisterlee said Tuesday.
Speaking to investors and analysts at the Electrical Products
Group Spring Conference in Florida, Kleisterlee said the savings
include EUR125 million at Philips' consumer lifestyle unit and
EUR60 million at the firm's healthcare division.
Philips expects to save EUR47 million in its lighting division
in the second half of 2009. Kleisterlee said he doesn't expect any
short-term recovery for this unit in the U.S., adding that the
destocking at U.S. retailers seems to have reached its bottom.
The EUR250 million savings are in line with Philips' target to
save EUR500 million annually.
-By Maarten van Tartwijk, Dow Jones Newswires; +31 20 571 5201;
maarten.vantartwijk@dowjones.com