Philips

Philips, is a Dutch multinational conglomerate corporation that was founded in Eindhoven in 1891, and mostly headquartered in Amsterdam.

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Industrial Manufacturing  
Technology  

$19.23B

MarketCap NL

NL Netherlands

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Summary

Koninklijke Philips N.V., commonly known as Philips, is a Dutch multinational conglomerate that has made significant contributions to various industries since its founding in 1891. Headquartered in Amsterdam, Netherlands, the company has established itself as a global leader in electronics, healthcare, and lighting.

The company was founded in 1891 by Gerard Philips and his father Frederik, with their first products being light bulbs. It currently employs around 80,000 people across 100 countries. The company gained its royal honorary title (hence the Koninklijke) in 1998 and dropped the "Electronics" in its name in 2013, due to its refocusing from consumer electronics to healthcare technology.

With a presence in over 100 countries, Philips has had a profound global impact. Its contributions to healthcare include innovations in medical imaging, patient monitoring, and telehealth solutions, transforming the way medical professionals diagnose and treat patients. In the consumer realm, Philips has enriched daily lives with a diverse range of products, from televisions and audio systems to grooming tools and kitchen appliances. Additionally, the company's emphasis on sustainable practices has led to the development of energy-efficient lighting solutions that promote environmental conservation.

Philips has a primary listing on the Euronext Amsterdam stock exchange and is a component of the Euro Stoxx 50 stock market index. It has a secondary listing on the New York Stock Exchange. Acquisitions include that of Signetics and Magnavox. It also founded a multidisciplinary sports club called PSV Eindhoven in 1913.


History

Founded in 1891 by Dutch-Jewish entrepreneur Gerard Philips and his father Frederik Philips, the journey of the Philips Company commenced with the establishment of a factory in Eindhoven, Netherlands, in 1892. This facility served as the birthplace of the company's initial focus: the production of carbon-filament lamps and other electro-technical products. However, the early years were challenging, and it wasn't until 1895 that Gerard and Frederik brought Anton Philips, Gerard's younger brother, into the fold. Despite Anton's engineering background, he started as a sales representative but quickly contributed innovative business ideas that propelled the company's expansion.

The dynamic trio laid the groundwork for the company's transformation, leading to the formation of Philips Metaalgloeilampfabriek N.V. in 1908 and subsequently Philips Gloeilampenfabrieken N.V. in 1912. These pivotal steps marked the formalization of the Philips corporation and set the stage for its emergence as a multinational enterprise. The ensuing years saw the company venture into diverse domains. During the 1920s, Philips diversified into manufacturing vacuum tubes and embarked on a pioneering journey in radio broadcasting. Notably, the company initiated the broadcast of shortwave radio stations like PCJJ and PHOHI in 1927, captivating audiences worldwide.

However, Philips' journey wasn't limited to electronics. In the 1930s, the company delved into other avenues, such as the revival of the Stirling engine. This endeavor was driven by the vision of creating low-power portable generators to expand the reach of their products into regions with limited access to electricity. Engineers at Philips' research lab meticulously explored different power sources, recognizing the potential of the Stirling engine due to its quiet operation and versatility in using various heat sources. This endeavor laid the foundation for a legacy of innovation that continued well into the future.

By the 1930s and 1940s, Philips introduced various significant products. The launch of the Philishave in 1939 marked their foray into personal care products. Post World-war II, the company shifted its focus to manufacturing television sets, a move that laid the groundwork for its entry into the realm of consumer electronics. However, it was the 1960s that witnessed a groundbreaking development with the introduction of the Compact Cassette audio tape format. This innovation revolutionized how sound was recorded and played, making it accessible to the masses.

Building on this momentum, Philips embarked on collaborations with other industry leaders. Its partnership with Sony in the 1980s bore fruit with the development of the Compact Disc (CD), which became a cultural phenomenon and a precursor to further formats like CD-R, CD-RW, DVD, and eventually Blu-ray.

As the 21st century dawned, Philips underwent a strategic shift. The new millennium saw the acquisition of Optiva Corporation, a move that paved the way for Philips to venture into the realm of personal healthcare with products like Sonicare electric toothbrushes. The early 2000s marked a period of corporate restructuring and refocusing on healthcare. This transformation was marked by a change in slogan to "Sense and Simplicity" in 2004, reflecting Philips' commitment to user-centric, intuitive innovation.

As the decade progressed, the company's attention increasingly gravitated towards healthcare. The 2010s were characterised by a series of acquisitions and partnerships that cemented Philips' position as a leader in medical technology. However, the most remarkable development during this period was the spin-off of Philips' lighting division in 2016, signaling a resolute shift towards healthcare and technology solutions.

The company's resilience and dedication to innovation were further evidenced by the establishment of Philips Ventures in 2017, a venture fund focused on health technology startups. This marked a commitment to nurturing the next wave of innovations that could shape the future of healthcare.

In 2018, the company rebranded its lighting division as Signify N.V., solidifying its presence in the lighting market while Philips continued to excel in healthcare technology. The company's trajectory was not without challenges, with leadership changes and the need to adapt to an ever-evolving landscape.

In 2022, the company announced a significant leadership change, with Roy Jakobs stepping into the role of CEO. This transition signified Philips' continued commitment to pushing the boundaries of innovation and making a positive impact on people's lives.


Mission

The mission of Philips revolves around driving global health and sustainability through innovation. Its primary objective is to enhance the lives of 3 billion individuals annually by the year 2025. 

The company achieves this by harnessing cutting-edge technology and insights to create transformative solutions that address pressing healthcare challenges and elevate personal well-being. Through its unwavering commitment to innovation, it aspires to empower people, communities, and healthcare systems, fostering a healthier and more sustainable future for all.


Vision

Philips envisions a world where innovative technology and meaningful solutions come together to improve people's health and well-being. With a focus on pioneering advancements in healthcare, consumer lifestyle, and lighting, Philips aims to create a future where individuals can lead healthier lives, communities thrive, and the planet is cared for. 

Through their innovative products and services, Philips seeks to empower individuals and healthcare professionals with tools that enhance diagnosis, treatment, and prevention, ultimately shaping a more efficient and patient-centered healthcare landscape. At the same time, their commitment to sustainable practices underscores their belief in responsible business operations that positively impact both people and the environment, contributing to a brighter and healthier world for generations to come.


Key Team

Roy Jakobs (CEO, Chairman of the Board of Management and the Executive Committee)

Willem Appelo ( Chief Operations Officer)

Abhijit Bhattacharya (Chief Financial Officer)

Steve C de Baca (Chief Patient Safety & Quality Officer)

Jeff DiLullo (Executive Vice President and Chief Market Leader of Philips North America)

Marnix van Ginneken (Executive Vice President and Chief ESG & Legal Officer of Royal Philips)

Andy Ho (Chief Market Leader of Philips Greater China)

Deeptha Khanna (Executive Vice President and Chief Business Leader Personal Health)

Bert van Meurs (Executive Vice President and Chief Business Leader of Image Guided Therapy, Chief Business Leader of Precision Diagnosis (ad interim), and is responsible for Diagnosis & Treatment)

Edwin Paalvast (Chief of International Markets )

Shez Partovi (Chief Innovation & Strategy Officer and Chief Business Leader of Enterprise Informatics at Royal Philips)

Heidi Sichien (Chief People Officer)

Julia Strandberg (Executive Vice President and Chief Business Leader Connected Care of Royal Philips)


Recognition and Awards
In the healthcare sector, Philips has consistently received recognition for its groundbreaking medical technologies. The company's contributions to medical imaging, patient monitoring, and telehealth have earned it prestigious awards such as the Edison Awards, the Medical Design Excellence Awards, and the Frost & Sullivan Company of the Year Award. Philips' advancements in diagnostic imaging, particularly in areas like magnetic resonance imaging (MRI) and computed tomography (CT), have been widely acknowledged for their impact on patient care and clinical practices. In the field of consumer electronics and lifestyle products, Philips has also garnered praise and awards for its innovative designs and user-centric solutions. The company's personal care devices, such as electric toothbrushes and shavers, have received recognition from organizations like the Red Dot Design Awards and the iF Design Awards for their ergonomic designs and technological innovations. Furthermore, Philips' commitment to sustainability and environmental responsibility has not gone unnoticed. The company's efforts to develop energy-efficient lighting solutions have earned it accolades such as the ENERGY STAR Partner of the Year Award for several consecutive years.

Products and Services

Philips is a diversified global company known for its innovative products and services across various sectors, primarily focused on healthcare, consumer lifestyle, and lighting. In the healthcare domain, Philips offers a wide range of medical equipment and solutions that span from diagnostic imaging systems, such as MRI and CT scanners, to patient monitoring devices, and advanced telehealth solutions. Their healthcare technologies aim to improve patient outcomes, enhance clinical workflows, and enable better patient management.

In the consumer lifestyle sector, Philips provides a plethora of products that enhance people's daily lives. These include personal care devices like electric shavers, hairdryers, and toothbrushes, as well as household appliances like air purifiers, blenders, and coffee machines. Philips also offers smart home solutions, incorporating connected lighting systems, security cameras, and other home automation devices to create a more convenient and efficient living environment.

Philips has been a leader in lighting technology for decades, delivering both traditional and innovative lighting solutions. They offer energy-efficient LED lighting products for homes, offices, and public spaces, promoting sustainability and reduced energy consumption. Furthermore, Philips has ventured into the realm of smart lighting systems, such as the Philips Hue, which allows users to control and personalize their lighting experience through mobile apps, voice assistants, and automation.


References
Philips
Leadership team

Roy Jakobs (CEO, Chairman of the Board of Management and the Executive Committee)

Willem Appelo ( Chief Operations Officer)

Abhijit Bhattacharya (Chief Financial Officer)

Steve C de Baca (Chief Patient Safety & Quality Officer)

Jeff DiLullo (Executive Vice President and Chief Market Leader of Philips North America)

Marnix van Ginneken (Executive Vice President and Chief ESG & Legal Officer of Royal Philips)

Andy Ho (Chief Market Leader of Philips Greater China)

Deeptha Khanna (Executive Vice President and Chief Business Leader Personal Health)

Bert van Meurs (Executive Vice President and Chief Business Leader of Image Guided Therapy, Chief Business Leader of Precision Diagnosis (ad interim), and is responsible for Diagnosis & Treatment)

Edwin Paalvast (Chief of International Markets )

Shez Partovi (Chief Innovation & Strategy Officer and Chief Business Leader of Enterprise Informatics at Royal Philips)

Heidi Sichien (Chief People Officer)

Julia Strandberg (Executive Vice President and Chief Business Leader Connected Care of Royal Philips)

Industries

Industrial Manufacturing

Technology

Products/ Services
Medical equipment, home appliances, intellectual property management and licensing (for divested businesses of Philips, such as audiovisual equipment and lighting)
Number of Employees
Above 50,000
Headquarters
High Tech Campus 52, Eindhoven, Noord-Holland
Established
1891
Company Type
Public Limited Company
Company Registration
SEC CIK number: 0000313216
Net Income
1B - 20B
Revenue
Above - 1B
Traded as
PHG
Social Media

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Fri Mar 01 2024
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