Bloomberg News

Philips Advances in Amsterdam as It Plans to Deepen Cost Cuts

September 13, 2011

Sept. 13 (Bloomberg) -- Royal Philips Electronics NV, the maker of electronic toothbrushes and patient-monitoring systems, rose in Amsterdam trading after the company said it plans to deepen cost cuts.

Amsterdam-based Philips added 5.3 percent to 12.87 euros as of 9:00 a.m. local time.

The world’s biggest maker of lightbulbs is now targeting savings of 800 million euros, up from an earlier target of 500 million euros, it said in a press release today. Philips reiterated sales growth and profitability goals for 2013.

To contact the editor responsible for this story: Martijn van der Starre at vanderstarre@bloomberg.net


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