Philips to make more cuts, but commits to R&D spend
Philips has announced it plans to make an additional €300m of cuts by 2013, on top of the €500m it had already pledged to save in the next two years,
However, the company has committed to spend the €200m annual budget earmarked for research and development plus 'customer-facing resources'.
Quoted in ERT, Philips CEO, Frans van Houten (pictured right), promised 'increased innovation efforts and customer intimacy'.
Philips had already announced plans to cut costs by entering into a joint venture with Chinese manufacturer TPV to produce its TV ranges from 2012 - as we covered here.
The news of fresh cuts comes in a week when Comet has announced a 22 percent fall in year-on-year sales, plus John Lewis has reported disappointing trading figures (though did claim to have increased its market share for CE retail).
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Comments
They need to focus on re-designing their TV facia as they look very dated. Excellent picture quality, but gastly appearance.
Releasing their products would help... any news on the missing 9000 series TVs (either the ones still on the UK proudct listing, or what happened to the smaller 2011 models that have now gone awol)?