Philips warns of charge

February 10, 2004 – Dutch chipmaker Royal Philips NV will add a 100 million euro restructuring charge to its books for 2004, on top of a previously-announced 150 million euro for restructuring in the company’s consumer electronics division according to a Dow Jones story.

CEO Gerard Kleisterlee forecasted an additional round of cuts in indirect costs of about 250 million euro in 2004, but proclaimed that “the time of hefty restructuring is finally behind us.”

Philips laid out a 1 billion euro cost-cutting plan in 2003, with additional cuts aimed at saving 400 million euro in consumer electronics division by 2005.


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