Philips sees TV business breaking even in 2010 -

Philips sees TV business breaking even in 2010

LONDON — Royal Philips Electronics will unveil today today latest steps to improve its TV business by intensifying its strategic partnerships with LG Display, Sharp and TPV to further optimize the supply chain in Brazil, Poland and China.

Philips will also confirm that it continues to expect its TV business to post at least a break-even result in 2010.

Providing an update for investors and financial analysts on the market for its Consumer Lifestyle sector, the company said it expects fourth-quarter sales of around EUR 2.8 billion. 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 domestic appliances & personal care (DAP) and consumer electronics (CE) businesses.

“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 Andrea Ragnetti, CEO of of the Consumer Lifestyle business.”Today we will also show that we are ready to capture the next growth phase, driven by emerging markets. 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.”

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