PHILIPS SELLS MAJORITY STAKE OF TV BUSINESS ! !

BAD NEWS:

Philips is offloading 70% of its loss-making television business as its former flagship products can no longer compete with lower-cost rivals and have dragged down profit at Europe's biggest consumer electronics firm.

The agreed 30/70 joint venture with Chinese monitor maker TPV came as Philips announced a 31% fall in first quarter profits to £122m.
The Dutch giant can sell its minority share to TPV in six years should it wish to.

Chief executive Frans van Houten said: 'Finding a solution for our television business was our top priority and we strongly believe that the intended joint venture with TPV will enable a return to profitability for the television business, and an increased portfolio focus for Philips in health and well-being.'

Van Houten, a restructuring expert who took over as CEO earlier this month, told broadcaster CNBC that the TV business would have a 'better future' in the joint venture.

Philips competes with General Electric and Siemens in the hospital and lighting markets, and with Samsung and LG Electronics, among others in the TV business.

Van Houten also said that Philips faced a 'rather uncertain market.'

'We see that many of our Japanese suppliers face some discontinuities and we have a dedicated team to deal with any risk. At the same time we are not sure how big the impact will be during the course of this year.'

Once a global leader, Philips' TV business has lost its lustre and cannot compete with lower-cost rivals. The unit, which makes up less than 10% of group sales, has become a thorn in the firm's side, having notched up losses of almost €1bn since the beginning of 2007. Philips currently licenses its TVs to TPV in China as well as Funai in the US and Videocom in India.

A Reuters poll had forecast quarterly net profit to fall 19.5%. Philips said in September when it unveiled its Vision 2015 targets that it wants its annual revenue growth to be 2 percentage points higher than global Gross Domestic Product (GDP) growth between 2011 and 2015.

But Philips spokesman Joost Akkermans said Philips still has 'work to be done' to meet its topline target.

BAD MOVE, BAD WORLD.

BAD ! !!!!




A comment...........of a 1996 reality ..................
Philips, which seems to be a perennial walking wounded case. The company had appeared to be on the mend after a worldwide cost- cutting programme which was started five years ago when Jan Timmer took over as chairman.
 But, following a sharp profits fall, with the company's first quarterly loss since 1992, a further shake up is being undertaken.
The difficulty is that the company operates in a mature market, in which prices are falling at an annual rate of six per cent. Manufacturers are competing by cutting costs to gain a larger share of static demand. It's not a situation in which any firm that does its own manufacturing can achieve much. Philips' latest plan involves an overall loss of 6,000 jobs in its consumer electronics business, with far greater reliance placed on a group of external suppliers which are referred to as "a cluster of dedicated subcontractors".

This is an approach that was pioneered many years ago by major Japanese manufacturers. Rather than make everything yourself, you rely on subcontractors who, in return, rely on you for their main source of work. It is hardly a cosy arrangement: the whole point seems to be that the major fain can exert pressure on its subcontractors, thereby - in theory - achieving optimum efficiency and cost-effectiveness. What happens when lower and lower prices are demanded for subcontracted work is not made clear.

The whole edifice could collapse. However that might be, this is the course on which Philips has now embarked. The company is also to carry out distribution, sales and marketing on a regional rather than a national basis, and has said that it will not support Grundig's losses after this year.

But Philips' chief financial officer Dudley Eustace has said that it has "no intention of abandoning the television and audio business". One has to assume that the subcontracting will also be done on an international basis, as major Japanese firms have had to do. There is a sense of déjà vu about this, though one wishes Philips well - it is still one of the major contributors to research and development in our industry.

Toshiba, which has also just appointed a new top man, Taizo Nishimoro, provides an interesting contrast. Mr Nishimoro thinks that the western emphasis on sales and marketing rather than engineering is the way to go. So the whole industry seems to be moving full circle. Taizo Nishimoro has become the first non engineering president of Toshiba. Where the company cannot compete effectively on its own, he intends to seek international alliances or go for closures. He put it as follows. "The technology and the businesses we are engaged in are getting more complex.
 In these circumstances, if we try to do everything ourselves we are making a mistake." Here's how Minoru Makihara, who became head of Mitsubishi Corporation four years ago, sees it. "Technologies are now moving so fast that it is impossible for the top manager to know all the details. 
Companies are now looking for generalists who can understand broad changes, delegate and provide leadership." Corporate change indeed amongst our oriental colleagues. Major firms the world over are facing similar problems and having to adopt similar policies.

In a mature market such as consumer electronics, you have to rely on marketing to squeeze the last little bit of advantage from such developments as Dolby sound and other added value features. The consumer electronics industry has been hoping that the digital video disc would come to its aid and get sales and profits moving ahead.

The DVD was due to be released in Sept 1996 , but we are unlikely to hear much more about it yet awhile. There's no problem with the technology: the difficulty is with licensing and software. There is obviously no point in launching it without adequate software support. But the movie companies, which control most of the required supply of software, are concerned that a recordable version of the disc, due in a couple of years' time, would be a gift to pirates worldwide. Concessions have been made by the electronics industry, in particular that different disc formats should be used in different parts of the world. But a curious problem has arisen.
 The other main use of the DVD is as a ROM in computer systems. For this application flexible copying facilities are a major requirement. But the movie companies are unwilling to agree to this. At present the situation is deadlocked and the great hope of an autumn launch, all important for sales, has had to be postponed. Next year maybe? It's a great pity, since the DVD has much to offer.
There's a lot of sad news on the retail side as well. Colorvision has been placed in administrative receivership in 1996 , with a threat to 800 jobs at its 76 stores, while the Rumbelows shops that were taken over by computer retailer Escom have suffered a similar fate. The receivers have closed down the UK chain with the loss of 850 jobs at some 150 stores. Nothing seems to be going right just now.

Publications:

A. Heerding: The origin of the Dutch incandescent lamp industry. (Vol. 1 of The history of N.V. Philips gloeilampenfabriek). Cambridge, Cambridge University Press, 1986. ISBN 0-521-32169-7
A. Heerding: A company of many parts. (Vol. 2 of The history of N.V. Philips' gloeilampenfabrieken). Cambridge, Cambridge University Press, 1988. ISBN 0-521-32170-0
I.J. Blanken: The development of N.V. Philips' Gloeilampenfabrieken into a major electrical group. Zaltbommel, European Library, 1999. (Vol. 3 of The history of Philips Electronics N.V.). ISBN 90-288-1439-6
I.J. Blanken: Under German rule. Zaltbommel, European Library, 1999. (Vol. 4 of The history of Philips Electronics N.V). ISBN 90-288-1440-X

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Einzelnachweise:

Supervisory Board. In: philips.com
A Guide to Greener Electronics. In: greenpeace.org

[1] In: philips.com

[2] In: philips.com

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European Commision: European Union Contest for Young Scientists

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