Philips’ sales of LED engines and luminaires are growing at 21 per cent, the latest figures show.
Philips chief Frans van Houten said the results were lower than expected. ‘Lighting results in the quarter were disappointing,’ he told the Press. ‘We are addressing our operational issues, while investing for growth.’
The company has rolled out a comprehensive performance improvement programme, which includes a cost reduction plan which has a target to cut £450 million of costs across the entire Philips portfolio.
Big Korean businesses have been restricted from selling their LEDs domestically
Abacus floodlights were switched on following the grounds recent £30 million redevelopment