Koninklijke Philips Electronics N.V.

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Koninklijke Philips Electronics N.V.

Koninklijke Philips Electronics N.V.
The Rembrandt Tower
The Netherlands
Telephone: +31 (20) 59-77-777
Fax: +31 (20) 59-77-070
Web site: http://www.philips.com

Public Company
Incorporated: 1912 as N.V. Philips Gloeilampenfabrieken
Employees: 189,000 (2001)
Sales: EUR 32,339 million (2001)
Stock Exchanges: Amsterdam London New York
Ticker Symbol: PHI (Amsterdam), PLE (London), PHG (New York)
NAIC: 334310 Audio and Video Equipment Manufacturing; 333298 All Other Industrial Machinery Manufacturing; 551112 Offices of Other Holding Companies

Koninklijke Philips Electronics N.V. is the holding company for the Philips Electronics group, Europes largest electronics company. The company is a world leader in color television sets, lighting, electric shavers, medical diagnostic imaging and patient monitoring, and one-chip TV products. It has offices and manufacturing facilities in more than 60 countries.

Foundation and Growth: 1891-1930

The early years of the company were very much a family affair. On May 15, 1891, Gerard Philips, a young engineer who saw commercial potential in newly developing electrical technology, formed Philips & Company, a partnership with his father, Frederik Philips, to manufacture incandescent lamps and other electrical products. The elder Philips, a wealthy tobacco merchant and banker from Zaltbommel, provided the financing while Gerard contributed the technical expertise.

Philips & Company began operations in a small factory in Eindhoven, in the Netherlands. Production started in 1892, but the fledgling company encountered problems from the very beginning. The firm could not produce as many lamps as Gerard had forecast, nor did the lamps fetch the price he had expected. Father and son had underestimated the strength of international competition in the young industry, especially from the large German manufacturers who had entered the market in the early 1880s and were already well established.

The company suffered heavy financial losses in 1893, and by 1894 the two men decided to sell the business. That might have been the end of the familys venture into the electrical industry had it not been for the fact that the only offer they received was considered unacceptable by Frederik. After negotiations broke down with the prospective buyer, the Philipses decided to risk everything rather than sell at too low a price.

The company was clearly in need of someone with commercial skills and ambition to make it profitable. Frederik was preoccupied with his banking and commercial interests in Zaltbommel, and, while Gerard possessed the technical ability necessary to manufacture electric light bulbs and other innovative products, he was not by nature a businessperson. Frederik thus turned to his youngest son, Anton.

Anton Philips, who was 16 years younger than Gerard, joined the firm in early 1895. Anton had left school early to work in London for a brokerage firm. This brief training in business helped; once he assumed control, Anton began winning the company new customers both at home and abroad. In a few years, the company was growing at a healthy rate.

At the dawn of the century the company kept pace with constant innovations in the electrical industry by developing a skilled staff of technical and commercial specialists. When the carbon-filament lamp became obsolete after 1907, Philips and other companies pioneered the development of lamps that used tungsten wire, which produced three times as much light for the same amount of electricity. Philips was also at the forefront of revolutionary improvements in the manufacture of filament wire, which gave rise to the production of incandescent lamps of all types and sizes. In 1912, Philips & Company was incorporated as NV Philips Gloeilampenfabrieken and began offering its shares on the Amsterdam Stock Exchange.

As the company grew, it became increasingly evident to both Gerard and Anton that a strong R&D capability would be critical to its survival. Consequently, in 1914 Gerard appointed a young physicist, Gilles Hoist, to lead the companys research effort. Dr. Hoist and his staff worked as a separate organization, reporting directly to the Philips brothers; this laboratory eventually developed into the Philips Research Laboratories.

The Netherlands remained neutral in World War I, to the companys benefit. Shortages of coal for the production of gas resulted in gas rationing, which in turn stimulated the use of electricity. By 1915, Philips had succeeded in producing a small, economical argon-filled lamp that was immediately in great demand.

When Germany prohibited the export of argon gas, Philips avoided a production breakdown by completing its own argon-production facility. Similarly, the glass bulbs used in manufacturing its lamps, which had been obtained from factories in Germany and Austria before the war, suddenly fell into short supply. The brothers decided in 1915 that the supply problem could be solved only by constructing a glass works of their own. That factory opened in 1916, followed shortly by additional facilities for the production of hydrogen gas and corrugated cardboard. These moves were the first steps toward the vertical integration of the companys production processes.

After the war, Philips began to expand its overseas marketing efforts significantly. Before 1914, Philips had autonomous marketing companies in the United States and France. In 1919, La Lumiagere Economique was established in Belgium, followed by similar organizations set up in 13 other European countries as well as China, Brazil, and Australia.

Research conducted under the direction of Dr. Hoist played a critical role in the development of new products during this time. Fields such as X-ray radiation and radio reception were given high priority, resulting a few years later in product-line additions such as X-ray tubes and radio valves.

In 1920 a holding company, N.V. Gemeenschappelijk Benzit van Aandeelen Philips Gloeilampenfabrieken, known as N.V. Benzit, was formed and assumed ownership of Philips. Gerard Philips retired in 1922 and was succeeded as company chairman by Anton, who was 48 years old.

Under Antons management, the company began to manufacture complete radio sets; it displayed its first model at the Utrecht Trade Fair in September 1927. From then on, rather than manufacturing just electrical components, the company started to manufacture complete products whenever possiblea significant change in management strategy.

During the 1920s, the companys headquarters at Eindhoven underwent extensive renovation and expansion, with the construction of additional buildings for new and existing industrial products. Toward the end of the decade, Philips Lamp Works set up more overseas subsidiaries in Asia and Africa, as well as in Europe.

Depression and War: 1930-1946

The worldwide Depression of the 1930s, however, stalled the companys robust expansion, forcing employee layoffs and an administrative reorganization. As a result, new budgeting methods and an improved cost-price calculation were introduced to facilitate a faster response to changing market conditions. Research continued with considerable vigor, producing new products such as gas-discharge lamps, X-ray equipment, car radios, telecommunications equipment, welding rods, and electric shavers, all of which ultimately helped alleviate the companys financial difficulties. And, despite its problems, the company opened a number of new offices in South America.

The international trade barriers erected by many national governments during the 1930s in an attempt to protect domestic industries from foreign competition forced a major change in the structure of the company. As a result of the barriers, it became extremely difficult for Philips to supply its overseas marketing companies from its headquarters in Eindhoven. Management responded by establishing local production facilities in foreign countries.

Anton Philips retired in 1939 as president, though he remained active in a supervisory role. He was succeeded as president by his son-in-law, Frans Otten, while his son, Frits Philips, was made a director of the company.

The ominous political developments in Europe at the end of the 1930s prompted management to prepare for the worst. The North American Philips Corporation (NAPC) was founded in the United States in anticipation of the possible Nazi occupation of the Netherlands. When the Nazis invaded in May 1940, Dutch defenses crumbled and the country capitulated within a week. The management of Philips followed the Dutch government into exile in England. Eventually, the top management made its way to the United States, where NAPC managed operations in non-occupied countries for the duration of the war. Frits Philips, while attempting to maintain as much independence as possible from Nazi authorities, remained behind to manage operations in the Netherlands.

Philips activities in the Netherlands suffered seriously as the war progressed. In 1942 and 1943 company factories were bombed by the Allies, and in 1944 the Nazis bombed them a final time as they withdrew. Thus the first order of business after the war ended was reconstruction. By the end of 1946, most of the buildings had been restored and production had returned to its prewar level.

Company Perspectives:

The Philips Values: Delight Customers. We delight our customers by anticipating and exceeding expectations thereby creating sustainable market leadership. Deliver on Commitments. We pursue business excellence, being rigorous in delivering on our commitments. Develop People. We inspire and enable each other to use our creativity and entrepreneurial flair, and maximize our potential. Depend on Each Other. We work as one Philips in an environment of transparency and trust to mobilize our collective competence and that of our business partners.

Postwar Expansion: 1946-1971

The postwar years were a time of worldwide expansion for the company. The existing Eindhoven-centered management structure was revised to allow overseas operations more autonomy. National organizations, responsible for all financial, legal, and administrative matters, were created for each country in which Philips operated. Manufacturing policy, however, remained centralized, with various product divisions in Eindhoven responsible for overall development, production, and global distribution.

The research arm of the company remained a separate entity, expanding in the postwar years into an international organization with eight separate laboratories in Western Europe and the United States. Philips laboratories also made major technological contributions in electronics, including the development of new magnetic materials, and work on transistors and integrated circuits.

The growth of the Common Market, established in 1958, presented the company with new opportunities. While factories had previously manufactured products solely for local markets, larger-scale production units encompassing the entire European Economic Community (EEC) were now possible. With export to Common Market countries made easier, a new approach to product development was also necessary. Philips factories were gradually integrated and centralized into International Production Centersthe backbone of its product divisionsas it made the transition from a market-orientated to a product-oriented business.

The Japanese Challenge: 1971-1990

Frits Philips was named president in 1961 and managed the firm during a very prosperous decade, so that when, in 1971, Henk van Riemsdijk was appointed president, he took over a company riding the crest of 20 years of uninterrupted postwar success. The 1970s, however, were a difficult time, as competition from Asia cut into Philips markets. Many of its smaller, less-profitable factories were closed as the company created larger, more efficient units. The company also continued its innovative efforts in recording, transmitting, and reproducing television pictures. In 1972, for example, the company introduced the first videocassette recorder to the market.

In 1977, Nico Rodenburg became president. Under Rodenburg sales grew steadily for most of the late 1970s and early 1980s, but increased profits did not follow. As Japanese companies, with their large, automated plants, flooded the market with inexpensive consumer electronics, Philips, with factories scattered throughout Europe and rising labor costs, saw its market share continue to decline.

The companys fortunes began to change with the appointment of Wisse Dekker as president and chairman of the board in January 1982. Dekker initiated an ambitious restructuring program intended to control Philips unwieldy bureaucracy and increasingly haphazard productivity. After only a few months, Dekker had closed more than a quarter of the companys European plants and had significantly pared down its global workforce.

Key Dates:

Philips & Company is founded as a partnership between Gerard Philips and his father, Frederik Philips.
Philips & Company begins producing electric lamps, in a small factory in Eindhoven.
The company incorporates as N.V. Philips Gloeilam penfabrieken and offers its shares on the Amsterdam Stock Exchange.
Philips establishes a research laboratory.
N.V. Gemeenschappelijk Benzit van Aandeelen Philips Gloeilampenfabrieken (NV Benzit) is formed as a holding company for the Philips group.
Philips displays its first complete radio set at the Utrecht Trade Fair.
The North American Philips Corporation (NAPC) is formed as a base of operations in anticipation of the possible Nazi occupation of the Netherlands; and Anton Philips retires and his son-in-law Frans Otten becomes president.
The Philips factories in the Netherlands are bombed by the Allies in 1942 and 1943, and in 1944 the Nazis bomb the factories as they withdraw.
Philips brings its first videocassette recorder to market.
Philips introduces the optical disk and the compact disc; and Cornelis van der Klugt becomes the president.
Philips withdraws from the defense electronics market.
N.V. Benzit is dissolved; the name of the holding company is changed to Philips Electronics N.V.; Philips introduces the CD-interactive player to the U.S. market.
Philips Consumer Communications (PCC) is formed to manufacture and market digital cellular phones.
Philips launches a successful DVD player into the market; and Lucent Technologies folds its retail phone operations into PCC.
Lucent withdraws from PCC; and Philips sells its PolyGram record company.
Philips changes its name to Koninklijke Philips Electronics NV.
Philips launches a DVD recorder.
Philips announces marketing and distribution deals with Nike, AOL Time Warner, and Dell Computers.

Dekker also began to seek acquisitions and joint ventures designed to help concentrate the companys resources on its most profitable and fastest-growing product lines. Philips bought the lighting business of the U.S. company Westinghouse outright, and acquired a 24.5 percent stake in Grundig, the largest West German consumer-electronics firm. In the United States, North American Philips consolidated the operations of its Magnavox Consumer-Electronics division with the Sylvania and Philco businesses it had already purchased from GTE Corporation, in 1981. Two years later, the company announced a 50-50 joint venture with AT&T to manufacture and market public-telephone equipment outside the United States, a deal it hoped would save millions in R&D costs.

When Cornells van der Klugt assumed the presidency of Philips in 1986, he continued to seek acquisitions and joint ventures to improve the companys market position. Philips research in solid-state lasers and microelectronics, resulting in advancements in the processing, storage, and transmission of images, sound, and dataalso helped regain part of the market lost to the Japanese. This research produced innovative items such as the LaserVision optical disc, the compact disc, and optical telecommunications systems.

Van der Klugt reorganized the company, eliminating an entire layer of management and setting policy by committee. Van der Klugt also made an effort to globalize the companys structure, improving profitability; Philips profits rose 29 percent in 1988. Rationalization of operations also played a role in this restructuring. In 1987, Philips geared up for a major international push into consumer electronics, and targeted U.S. markets hoping to broaden its market share in TVs, VCRs, and CD players.

In response to Japanese competition, van der Klugt also began to drop non-core activities in favor of development in electronics. In late 1989, for example, the company began a graceful withdrawal from the defense market, where it had maintained a leading stride since developing nuclear control instruments (chiefly for nuclear power generation) and fire control and radar instruments for missile systems in the 1950s. Philips sold its Dutch defense electronics subsidiary, Hollandse Signaalapparaten (HSA) to Thomson SA of France at the end of 1989 and put other European defense subsidiaries (and interests) up for sale shortly thereafter. Philips also began to share rising R&D costs with other large corporations such as AT&T, Siemens AG, and Whirlpool through joint ventures.

New and Continuing Challenges: 1990-2002

Despite these efforts, profits for the first quarter of 1990 plunged from Dfl 223 million in the first quarter of 1989 to a mere 6 million. Even worse, the plunge was announced only two months after Philips had released its 1989 annual results, forecast an improvement in 1990 profits, and gave no hint of pending problems. Eleven days later Cornelis van der Klugt resigned, and Jan Trimmer became chairman of the company.

Philips had designated Trimmer as van der Klugts successor in March 1990, but his succession was slated for July 1991, on van der Klugts scheduled retirement. Trimmer went to work immediately, using the special shareholder meeting called to ratify his appointment to announce plans to eliminate 10,000 jobs and to predict a 1990 full-year loss of Dfl 2 billion. Nevertheless, profits again plunged during the second quarter, this time by 84 percent to Dfl 37 million.

By October, Trimmer announced the initiation of Operation Centurion, aimed at raising productivity, stimulating cost consciousness, decentralizing decision-making, and reducing employment levels to match those of the companys competitors. He also promised to sell or scale back operations that lacked the potential to make a reasonable profit. The first specific actions under the program were the imposition of an additional 35,000 to 45,000 reduction of jobs and the withholding of dividend payments in 1990. The companys final 1990 loss amounted to Dfl 4.24 billion. In addition, the companys debt reached 160 percent of its equity, and interest costs alone consumed 84 percent of operating profit.

In early 1991, Philips announced that it would simplify its legal structure and change its name. Gemeenschappelijk Benzit van Aandeelen (NV Benzit), Philips holding company, would dissolve. Philips Gloeilampenfabrieken NV would change its name to Philips Electronics NV and would become the holding company for the entire group. In addition, the company sold its 47 percent interest in Whirlpool International, BV, its home appliance joint venture. It also sold most of its loss-making computer business. These actions, and the elimination of the dividends for another year, contributed to a net gain of Dfl 1.2 billion in 1991 compared to 1990s loss of Dfl 4.2 billion.

In June 1992, Philips announced that both its second-quarter and full-year earnings would fall sharply. The company attributed its problems to a declining market for consumer electronics. In July, Philips announced that it would sell several billion florin of real estate to raise funds to pay down its crushing debt and reduce annual financing costs. In September, Philips announced additional cost-cutting measures aimed at saving several million florin. These measures had little effect on the companys financing costs, however. By the third quarter, net financing costs had ballooned to Dfl 464 million from Dfl 199 million the previous year. Philips recorded a 1992 full-year loss of Dfl 900 million.

By 1993, Philips cost-cutting measures, the sale of its interest in Japans Matsushita Electronic Industrial Co., the liquidation of its debt, and improvements in results in its Consumer Electronics and Consumer Products divisions produced an annual profit of Dfl 856 million. Both 1994 and 1995 were also profitable.

This profit recovery, however, concealed some major marketing problems at Philips. The 1991 U.S. introduction of the CD-interactive player, a system that could be attached to a television and serve as a platform for game playing, teaching or entertainment software, illustrated these problems. Having invested more than US$1 billion in the system in the hope that it would become a major revenue producer and strengthen the Philips brand in the United States, the company saw the system fail in that market. The system lacked software that would appeal to the U.S. consumer. Its operation was too complex. And it was too expensive. In five years, only 400,000 units were sold in the United States. Similar fates met the companys Digital Compact Cassette and its high-definition television standard.

By 1996 a decline in the demand for semiconductors, poor performance at the companys Poly Gram record company unit, Asian competition and declining European demand contributed to declining first-half results. In July, Philips announced the elimination of another 6,000 jobs. Nevertheless, the company recorded a Dfl 500 million full-year loss.

Cor Boonstra assumed the chairmanship in October 1996. He initiated yet another restructuring program. In the first five months of his tenure, he sold 18 companies and identified another 13 for future disposal. He made plans to outsource more production work to Asia. He also indicated an intention to change the companys traditional engineering orientation to a marketing one.

This marketing shift paid off when the company introduced its DVD recorder. It arranged to have Hollywood movies available for use with the system. It saved money by outsourcing production and it negotiated a standard for the system with other major manufacturers. The systems 1997 introduction was a success.

In 1995 the company formed Philips Consumer Communications (PCC) in an attempt to compete in the cellular equipment market. In 1997, Lucent Technologies folded its retail telephone equipment business into PCC. By the end of 1988, the venture had lost more than US$500 million, and Lucent withdrew from the venture.

The company sold its 75 percent owned PolyGram unit and announced the closure of about a quarter of its worldwide factories by 2002. Nevertheless the virtual meltdown of Asian financial markets and the consequent decline of Asian and Latin American demand for Philips products contributed to a 56 percent decline in operating income for 1998. By 1999, the companys income had increased substantially. Philips Electronics also changed its name to Koninklijke Philips Electronics NV.

By 2000, Philips was enjoying the boom in electronic products seen by other electronics and telecommunications companies. Its yearly results were outstanding. Sales rose by 20 percent and income increased from EUR 1.8 billion to EUR 9.6 billion. It appeared that Philips had finally overcome the problems that had afflicted it during the preceding decade.

By 2001, however, the bottom had dropped out of the Internet and the telecommunications markets. The September terrorist attacks on the United States, further worsened the environment for Philips sales. The consequences for Philips were disastrous. Its full-year sales declined by 15 percent, and it recorded a record loss of EUR 2.6 billion.

Even before the end of the year, restructuring began again. An additional 10 percent of the workforce had been slashed by the end of 2001. The company indicated that job cuts and additional outsourcing would proceed in 2002. To increase revenues, Philips launched a DVD recorder in 2001. In 2002, it announced marketing and distribution deals with Nike, AOL Time Warner, and Dell Computers.

The company reported a EUR 9 million profit during the first quarter of 2002 and predicted a full-year profit. It was just possible that Philips was again on its way toward recovery.

Principal Subsidiaries

ADAC Laboratories, Inc. (100%); Atos Origin (49%); LG Philips LCD Co. (50%); MedQuist (71%); Origin BV (98%); Philips Electronics North America Corp. (100%); Philips Oral Healthcare, Inc. (100%); Taiwan Semiconductor Manufacturing Co. (23%); VLSI Technology, Inc. (100%).

Principal Competitors

Hitachi; Matsushita; Sony; Fujitsu; NEC; Siemens.

Further Reading

Baker, Stephen, et al., Well, That Didnt Last Long, Business Week, February 5, 2001, p. 60.

Bilefsky, Dan, Philipss 2nd Quarter Loss Overshadows Tech Sector, Wall Street Journal, July 18, 2001, p. A14.

, Philips Posts Record $2.3 Billion Loss, Wall Street Journal, February 8, 2002, p. B10.

, Philips Sees 2002 as a Turnaround Year, Wall Street Journal, January 8, 2002, p. A12.

, Philips Trims Its Mobil-Phone Business, Wall Street Journal, June 27, 2001, p. A10.

Bilefsky, Dan, and Arent Jan Hesselink, Philips of Europe Records a Profit, Wall Street Journal, April 17, 2002, p. B3.

Bouman, P. J., Anton Philips of Eindhoven, London: Weidenfeld and Nicolson, 1956.

Carreyrou, John, and Toby Sterling, Philipss Profit for 3rdQuarter Nearly Doubled, Wall Street Journal, October 22, 1999, p. A17.

Dorsey, James M., Chip Sales Boost Profit at Philips, Wall Street Journal, July 19, 2000, p. A18.

, Philips President Boonstra to Retire, Wall Street Journal, August 31, 2000, p. B13.

Dorsey, James, and Edward Harris, Philips Electronics Posts Sharp Drop in Net, Wall Street Journal, April 18, 2001, p. A19.

du Bois, Martin, Electronics Giant Philips to Slash Sites, Wall Street Journal, November 3, 1998, p. A17.

, Philips Net Drops 77% as It Speeds Plans to Cut Costs, Wall Street Journal, October 25, 1996, p. Al 1.

, Recovery at Philips Stalls, Wall Street Journal, February 12, 1999, p. A12.

du Bois, Martin, et al., Philips, Lucent Plan Their Ventures End, Wall Street Journal, October 16, 1998, p. B4.

du Bois, Martin, and Richard L. Hudson, Philips Profit Plunged by 56% in 2nd Period, Wall Street Journal, August 7, 1992, p. A6.

Fisher, Lawrence M., Gateway 2000 Backs Sony/Philips Disk Format, New York Times, June 16, 1995, p. D8.

Hagerty, Bob, N.V. Philips Net Climbed by 30%, Wall Street Journal, March 2, 1990, p. A10.

, N.V. Philips Net Declined 84% In 2nd Quarter, Wall Street Journal, August 10, 1990, p. A7A.

, NV Philips Stock Falls on Comment Over 91 Prospects. Wall Street Journal, April 8, 1991.

, N.V. Philips To Eliminate 10,000 Jobs, Wall Street Journal, July 3, 1990, p. A3.

, Philips Electronics Profit Surged, Wall Street Journal, August 2, 1991, p. A6.

, Philips Next Chairman Will Inherit Opportunities as Well as Headaches, Wall Street Journal, March 2, 1990, p. B4C.

, Philipss Timmer Faces Challenge, Wall Street Journal, June 29, 1990, p. A10.

, Philips to Eliminate 35,000 to 45,000 Jobs, Wall Street Journal, October 26, 1990. p. A12.

, Some Bulls See Philips Electronics as a Bargain, Wall Street Journal, December 16, 1991, p. C10.

Hagerty, Bob, et al., Philips Electronics Stock Tumbles, Wall Street Journal, June 18, 1992, p. C13.

Heerding, A., The History of N.V. Philips Gloeilampenfabrieken, translated by Derek S. Jordan. Cambridge: Cambridge University Press, 1980.

Hooper, Laurence, Philips Reports Strong 91 Results, Wall Street Journal, February 28, 1992, p. A11.

Hudson, Richard L., Philips Electronics Plans More Cuts, Wall Street Journal, September 4, 1992, p. A4.

, Philips Reports Big Loss for 92, Wall Street Journal, March 5, 1993, p. A6.

, Philips Reports Big Rise in Net, Wall Street Journal, August 6, 1993, p. A8.

, Philips Reports Loss For Quarter, Wall Street Journal, November 6, 1992, p. All.

International BriefN.V. Philips, Wall Street Journal, November 29, 1990, p. A9.

Keller, John J., Lucent, Philips to Produce Phones Jointly, Wall Street Journal, June 18, 1997, p. A3.

Levine, Jonathan B., Has Philips Found Its Wizard?, Business Week, September 6, 1993, p. 82.

Nelson, Mark M., Big Shakeup at N.V. Philips Is Likely Today, Wall Street Journal, May 14, 1990, p. A10.

Nelson, Mark M., and Martin du Bois, N.V. Philips Shares Are Sold Off, Wall Street Journal, May 4, 1990, p. A8.

N.V. Philips Plans to Simplify Structure, Wall Street Journal, February 28, 1991, p. A8.

Philips Electronics to Sell Cable Stake, Wall Street Journal, February 26, 1997, p. B71.

Philips Plans Sales of Assets to Reduce Debt, Wall Street Journal, July 21, 1992, p. A9.

Philips Reports Profit of $267.6 Million for 4th Period, Wall Street Journal, March 4, 1994, p. A5E.

Philips Signs $5 Billion Pact to Sell Parts to Dell, Wall Street Journal, March 28, 2002, p. B7.

Pringle, David, and Dan Bilefsky, Philips Plans to Unveil Digital Videodisk Recorder, Wall Street Journal, August 24, 2001, p. B7.

Profit at Philips More than Doubled in 1994, Wall Street Journal, February 23, 1995.

Sterling, Toby, Philips Electronics Tops Expectations, Wall Street Journal, April 20, 2000, p. A20.

Trachtenberg, Jeffrey A., Short Circuit: How Philips Flubbed Its US Introduction of Electronic Product, Wall Street Journal, June 28, 1996, p. Al.

updates: Kerstan Cohen, Anne L. Potter

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