Philips Trades Chips For Rebirth In Medical Technology

Philips, known for decades for household electrical goods, declared itself transformed into a healthcare and lifestyle technology business on Aug. 3, having sold its semiconductor activities for 8.3 billion euros (US$10.5 billion).

Philips chairman Gerard Kleisterlee said: "I see it as a defining moment in the more than 150-year history of the company. It is the completion of a transformation of a company."

The most important markets for Philips were now in healthcare and lifestyle to be built around a brand that promises the "sense and simplicity" of Philips' slogan, Kleisterlee said. The slogan was launched in September 2004 together with an 80-million-euro global marketing campaign aimed at affluent consumers between 35 and 55 years old.

This year Philips has already announced a number of acquisitions in the medical systems and lighting division.

The company now wants to be called Royal Philips instead of Royal Philips Electronics.

Copyright Agence France-Presse, 2006

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