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Philips Updates Markets on Consumer Lifestyle Sector

At a meeting with investors and financial analysts, Royal Philips Electronics (NYSE: PHG, AEX: PHI), updated the market on its Consumer Lifestyle sector. Executives at Philips Consumer Lifestyle, including sector Chief Executive Officer Andrea Ragnetti, have elaborated on progress made during 2009 and on the longer-term strategy to become a leading health and well-being business. The sector will focus on the four consumer-driven value spaces of Healthy Life, Personal Care, Home Living and Interactive Living.

“We have come a long way since we formed the Consumer Lifestyle business by merging DAP and CE nearly two years ago. We have successfully reorganized ourselves, delivered on the promised cost-synergies and are coming through the recession as a stronger and more agile company,” said Mr. Ragnetti. “Our strong brand recognition and expanding product portfolio means we are ideally-positioned to benefit from the high-single digit growth expected in these markets over the coming years.”

Consumer Lifestyle has substantially reduced its cost base compared to 2007, including more than EUR 200 million of cost synergies from the merger of the DAP and CE businesses.

The Consumer Lifestyle sector expects fourth-quarter sales of around EUR 2.8 billion. This, combined with the expected results of the and Lighting sectors, keeps the Philips group on track to deliver another quarter of sustained improvement in financial performance.

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