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18 October 2011

LED sales strong for Philips

LED bulb and electronics manufacturer Philips has reported strong sales in its lighting department.

The company reported an overall increase of eight per cent in lighting sales, boosted by a rise in LED sales of 32 per cent. Other areas that experienced growth were the firm's healthcare and consumer lifestyle operations.

However, Philips is implementing a restructuring programme that will see the loss of 4,500 jobs across the company as it plans to make savings of €800 million (£695 million). Some 1,400 of the jobs will be lost in the Netherlands.

Frans van Houten, chief executive officer of Royal Philips Electronics, said that the company was focused on improving its current financial performance.

He added that the planned changes "will unlock the full potential of our portfolio and set the stage for profitable growth", saying that the company is "taking the right steps" to achieve its financial performance targets.

Philips recently issued a statement highlighting the benefits of LED bulbs for outdoor lighting, saying that "LED technology has opened up so many possibilities".  

Category: LED Light Bulbs
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