At a meeting with investors and financial analysts yesterday, Royal Philips Electronics (NYSE: PHG, AEX: PHI) has updated the market on progress at the company's Healthcare sector. Executives at Philips Healthcare, including sector Chief Executive Officer and member of the Philips Board of Management Steve Rusckowski, elaborated on the fundamental strengths of Philips' Healthcare business and discussed the long-term growth and profitability drivers that give Philips a uniquely strong position going forward. "While certain factors, both economic and political, clearly influence short-term performance I am fundamentally confident of the success chances of our Healthcare business in the long run." Mr. Rusckowski commented. "Our world is facing some inescapable challenges in the medium-to-long term. We have come a long way already in building up the Healthcare portfolio needed to face those challenges. This, coupled with our leading business positions and our differentiating approach in general, positions us well for the future, despite the short-term headwind we face today."
During yesterday's meeting, several Healthcare executives have discussed the fundamental drivers and positioning of their respective businesses. For instance, the chief executive of Home Healthcare Solutions discussed how ever-more pressing challenges like overburdened healthcare systems and ageing populations will lead to out-of-hospital medical treatment and patient monitoring becoming an increasingly important element in the Healthcare mix. He has elaborated on how Philips is excellently positioned to benefit from this trend, while providing sensible solutions to some of the key healthcare challenges of our time.
During the day, analysts also were given more insight into Philips Healthcare's efforts to tackle the short-term impact of the current economic slowdown through a strong focus on cost and cash management and ensuring that maximum value is captured from recent acquisitions. Philips will also provide an update on restructuring and cost reduction measures for Healthcare, which are now expected to result in total savings of EUR 150 million for 2009.
Presentations are available and can also be followed via webcast. Please visit Philips' Investor Relations website to listen to this webcast - http://www.philips.com/about/investor/investor/analystdays/20090507_analystsday.page
Related news articles:
- Philips Healthcare's Profile
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is a diversified Health and Well-being company, focused on improving peoples lives through timely innovations. As a world leader in healthcare, lifestyle and lighting, Philips integrates technologies and design into people-centric solutions, based on fundamental customer insights and the brand promise of "sense and simplicity". Headquartered in the Netherlands, Philips employs approximately 116,000 employees in more than 60 countries worldwide. With sales of EUR 26 billion in 2008, the company is a market leader in cardiac care, acute care and home healthcare, energy efficient lighting solutions and new lighting applications, as well as lifestyle products for personal well-being and pleasure with strong leadership positions in flat TV, male shaving and grooming, portable entertainment and oral healthcare. News from Philips is located at www.philips.com/newscenter.