Thursday, December 15, 2005
Philips Electronics said Thursday that it will place its semiconductor business in a separate legal structure, giving it flexibility to strengthen long-term performance.
In early 2005 Philips introduced a Business Renewal program to improve the semiconductor division's competitiveness and bring profitability through the cycle to between 5 and 15 percent. The plan also focused on increasing market share in the semiconductors division's four core businesses, the firm said.
"While we are pleased with the progress of the Business Renewal Program, we see opportunities to further strengthen the activities and maximize shareholder value, with the step we announced today, in an industry where scale matters," Gerard Kleisterlee, President and CEO of Royal Philips Electronics, said in a statement.
By: DocMemory
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