International. The company's profits Philips closed the fourth quarter of 2011 with a fall of 45%, equivalent to 162 million euros compared to 2010, thus resulting in a loss for the full year of 1,291 million euros, results that were expected by the directors.
According to information provided by the company's chief executive, Frans van Houten ( pictured), the results were due to the current disruptions in the global economy, which led many of its customers to postpone and suspend purchases, affecting their lighting and health lines.
The executive declared himself cautious about the results that may be presented in 2012, because the weakness of the economy continues, especially in the United States and Europe.
The company has begun a strong restructuring plan since Frans van Houten became president last April. So far it has eliminated 4,500 jobs worldwide and has changed senior managers. The goal is to reduce operating costs by €800 million by 2014.
In addition, Philips is in the process of selling its TV segment, with which it failed to exceed the market share of its direct competitors, Samsung and LG.
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