Amsterdam, The Netherlands - Royal Philips (NYSE: PHG, AEX: PHIA) today announced that its sector classification for the STOXX Europe 600 Index has changed to Health Care from Industrial Goods & Services. The reclassification will be effective as of the open of European markets today.
The component selection lists that are used for STOXX indices are based on the FTSE Group’s Industry Classification Benchmark (ICB). In December 2016, FTSE Group’s ICB reclassified Philips to Health Care industry* from Industrials industry.
“The STOXX sector reclassification to Health Care underlines the significant steps that we have taken to transform Philips into a focused leader in health technology,” said Frans van Houten, CEO of Royal Philips. “2016 was a defining year in our transformation, and we have seen the results of our strategic focus reflected in our performance and the positive response from our stakeholders, including our employees, customers and shareholders. This reclassification will further facilitate the comparison with sector peers and support the investment community to value Philips going forward.”
More information about the STOXX Europe 600 Healthcare sector index can be found here.
* ICB supersector, sector and subsector classifications are Health Care, Health Care Equipment & Services and Medical Equipment respectively.