Philips caps FY02 capex at EUR450M

Sept. 12, 2002 – Amsterdam, Netherlands – Royal Philips Electronics NV has capped capital expenditure at its semiconductor division for FY02 at EUR450 million (some $439 million).

The company has abandoned its previous guidance for capex in FY02 of between EUR450 million and EUR500 million, which it issued in July, reported Dow Jones.

Philips is aggressively trying to cut costs at its semiconductor unit, and has reduced sales forecasts for its third quarter.


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