January 27, 2015
The European group has been affected by various factors listed by the CEO himself. On the one hand, due to the poor performance of its sales in China and Russia; on the other, due to the temporary closure of a factory in Cleveland (USA), which has meant a total cost of 225 million euros.
As for next year, Philips anticipates that it faces more costs. The firm will separate its lighting business, a restructuring that will generate costs of between 300 and 400 million euros.
Sales in the Health business in the last three months of the year have fallen by 3%. The decline, due to “operational issues and market stagnation”, does not stop Philips’ desire to establish itself in the segment.
via Philips Net Profits Drop 67% in Q4, Stocks Slump – Silicon News.
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