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.
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.
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?
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!
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.
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