At a meeting with investors and financial analysts, Royal Philips Electronics (NYSE: PHG, AEX: PHI), updated the market on its Consumer Lifestyle sector. Executives at Philips Consumer Lifestyle, including sector Chief Executive Officer Andrea Ragnetti, have elaborated on progress made during 2009 and on the longer-term strategy to become a leading health and well-being business. The sector will focus on the four consumer-driven value spaces of Healthy Life, Personal Care, Home Living and Interactive Living.
"We have come a long way since we formed the Consumer Lifestyle business by merging DAP and CE nearly two years ago. We have successfully reorganized ourselves, delivered on the promised cost-synergies and are coming through the recession as a stronger and more agile company," said Mr. Ragnetti. "Our strong brand recognition and expanding product portfolio means we are ideally-positioned to benefit from the high-single digit growth expected in these markets over the coming years."
Consumer Lifestyle has substantially reduced its cost base compared to 2007, including more than EUR 200 million of cost synergies from the merger of the DAP and CE businesses.
The Consumer Lifestyle sector expects fourth-quarter sales of around EUR 2.8 billion. This, combined with the expected results of the Healthcare and Lighting sectors, keeps the Philips group on track to deliver another quarter of sustained improvement in financial performance.
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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 people's 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 more than 118,000 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.