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Netherlands-based Philips has
announced that it intends to drop the
word "Electronics" from its name
signifying its shift away from consumern based
entertainment and focusing instead on
health, well-being and lighting products.
Based in Eindhoven in south Netherlands,
Philips announced in late January this year it
was selling its lifestyle entertainment branch
which makes audio, video and multimedia
products to Japanese company Funai in a
$199-million deal.
The proposal to drop the word
"Electronics" to rename the company "Royal
Philips" will be put to shareholders at the
annual general meeting in Amsterdam on 3
May, Philips said in a statement.
"We believe having Royal Philips as our
new company name will position us well in
our endeavour to make the world healthier
and more sustainable," noted its chief
executive Frans van Houten in a release.
Founded in 1891, the company
specialized in making light bulbs and
later televisions. In the last decade
however, it diversified into medical
equipment like resonance scanners. It has
been operating under the name "Royal
Philips Electronics" since 1991. Last year,
Philips finalized the sale of its televisionmaking
arm—a victim of competition from
Asia—and the Funai deal in January saw
Philips stop making products such as
stereos and DVD players. Philips will
however continue to make small appliances
like razors, electronic toothbrushes and
coffee makers.
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