Actually PHILIPS innovated much more in lighting than Lightolier could ever do, they make fixtures, Philips makes LIGHT, invented it all Car halogen, Low pressure sodium,superior LED,Xenon,for cars....without Philips Lightolier would have nothing to put in the fixtures. Philips didn't want product from Lightolier, they wanted distribution, just like when they took over Westinghouse Lamps decades ago
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They are pushing European non UL glare bombs and ditching US solid performance products. Buy a company, keep it's intellectual properties and run the company in the ground thru wasteful spending and mismanagement..
which made prize winning LED lamps, had an international distribution system, had a good balance sheet, and was diversified with a good medical equipment company and a consumer products division. I don't know what isn't a discontinued operation - what's left of lighting and where it's all going.
Watch out when a CEO makes promises for 2020 in 2015. Not to mention he has been making promises now for a while and has failed to deliver. At some point the guy has to pack up and leave.
In the last 10 years PHG has just kept bailing on all the business lines, things they basically pioneered, tv displays, CE, audio, what has happened to Philips RESEARCH, was the world's largest private operation, creating things that changed the world, now it's a mere shell. Like Bell Labs, mismanaged and destroyed from within...kinda like the U.S.! Lighting is the core business of Philips, why bail on a div that is STILL #1 in the world? really bizarre! Philips used to do everything, now they barely do anything..ya can't keep selling off divs, there ain't nutin left to sell!
why would Philips bail on the lighting business, they STILL are the world's biggest and it makes money. Why why why, seems absolutely DUMB. they bought Genlyte for almost $3 BILLION to expand, then they bail on all of it? Huh? Why not grow some more get some Osram or some GE stuff, Maybe Philips has finally jumped the shark. they used to do everything, now they barely do anything, what kind of plan is that?
Imagine firing all sales force after a takeover with all their customer base. Attempted to push cheap foreign product in the US market. Bog down all US personnel with survey and questionnaires while managing from abroad. Using Philips supply chain costing double that of what was being supplied before. And don't forget that BFR (buy for resale). When all takeovers usually fail due to above, they focus on resale rather than design and build themselves.
Lightolier. Mia-managed by Philips to extinction in less than 8 years. Flashy dumb arrogance from the top down with wave after wave of clueless foreigner management chocking the life out of another innovative US company.
Frans came into the scene with a company " in trouble"...he had to present this 2017 "plan" or whatever it is and its not helping. He gets maybe another few Qrts and if no improvement-see ya.u can only cut the work force so much, squeeze vendors, and "optimize" streams ect... at some point you flat out gotta sell more stuff to more people or create something that is revolutionary.. .at this point it seems heavy on the vision not so much on the execution.
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long term i would imagine PHG will get its act together, but the near term issues are NOT good! basically Frans said the rest of the year will not be good either. I imagine they will pull some tricks outta the hat to raise div to keep investors in...stocks go up, stocks go down.