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July 2, 1990

PHILIPS SHARES MARKED DOWN ON RETURN FROM SUSPENSION

By CBR Staff Writer

Philips NV shares were marked down on their return from temporary suspension ahead of yesterday’s shareholders’ meeting after the company forecast losses for the current year of over $1,100m after restructuring costs of $7,000m; the worldwide workforce will be cut by 10,000, with most of the cuts in Europe, but will not quit the computer business – rather it will focus on areas of strength such as optical imaging, banking software and services; new chairman Jan Timmer said that all areas of activity would be expected to reorganise where required to turn losses into profits and warned that if profits then fail to materialise, these activities would be ended.

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