Amsterdam, the Netherlands – Royal Philips (NYSE: PHG, AEX: PHIA) today announced that MSCI Inc. (NYSE: MSCI), a leading provider of research-based indexes and analytics, has reclassified Philips to the Health Care sector from the Industrials sector, reflecting the company’s strategic focus on health technology. The reclassification was effective as of the opening of European markets on September 1, 2017.
“I am very pleased that following the reclassification by FTSE Group’s Industry Classification Benchmark last year, MSCI has now also reclassified Philips’ shares to the Health Care sector,” said Frans van Houten, CEO of Royal Philips. “This is another strong acknowledgement of Philips’ transformation into a focused health technology leader with a broad portfolio of innovative consumer health and professional healthcare solutions to improve people’s health and enhance productivity for care providers. The businesses in our HealthTech portfolio are strong and will enable us to drive further financial performance improvements.”
FTSE Group’s ICB reclassified Philips’ shares to Health Care in December, 2016. Subsequently, Philips’ sector classification for the STOXX Europe 600 Index was changed to Health Care in March, 2017. More information about Philips’ stock can be found here.