Philips is a strong industrial company focusing on the attractive HealthTech and Lighting markets. Our businesses are well positioned to capitalize on global trends that create great opportunities for profitable growth.
Our multi-year change and performance program Accelerate! was launched in the second half of 2011 and is being implemented across the organization to drive value creation and speed up growth. Key initiatives have been launched to implement the Philips Business System and step up resourcing for growth, granular strategy execution, value delivery to customers, and to adapt the culture and reward system. Accelerate! is working well and will continue to create significant value. Initiatives include a EUR 1.8 billion overhead cost reduction program to be completed by the year 2016, End2End productivity gains and procurement savings through Design for Excellence (DfX).
We believe that the following growth drivers will enable Philips to achieve its growth and profitability ambitions:
- Growing and aging population with more chronic diseases
- Growing demand for integral value-based healthcare solutions
- Growth geographies with growing middle class
- Consumers increasingly engaged in their health.
- The world’s need for more light and energy efficient light
- Digitalization driving demand for integrated lighting solutions
Our leading portfolio and business domains play right into these global trends and we have a clear execution plan to deliver on our strategy.
Creating two focused companies to capture highly attractive market opportunities.