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PhilipsKoninklijke Philips Electronics N.V. (Royal Philips Electronics N.V.), usually known as Philips, (Euronext: PHIA, NYSE: PHG) is one of the largest electronics companies in the world, founded and headquartered in the Netherlands. In 2006, its sales were €26.976 billion and it employed 121,732 people in more than 60 countries. Philips is organized in a number of divisions: Philips Consumer Electronics, Philips Lighting, Philips Medical Systems and Philips Domestic Appliances and Personal Care.
History
The company was founded in 1891 by Gerard Philips, a maternal cousin of Karl Marx, in Eindhoven, the Netherlands. Its first products were light bulbs 'and other electrotechnical equipment'. Its first factory remains as a museum. In the 1920s, the company started to manufacture other products, such as vacuum tubes, In 1927 they acquired the British vacuum tube manufacturers Mullard and in 1932 the German tube manufacturer Valvo, both of which became daughter companies. In 1939 they introduced their electric razor, the Philishave (marketed in the USA using the Norelco brand name). Philips introduced the compact audio cassette tape, which was wildly successful, though its attempt to set a standard for video cassette recorders, the V2000, was unsuccessful in the face of competition from the Betamax and especially VHS standards.
World War II
On May 9, 1940, the Philips directors were informed about the German invasion of the Netherlands to take place on May 10. They decided to leave the country and flee to the United States, taking a large amount of the company capital with them. Operating from the US as the North American Philips Company, they managed to run the company throughout the war. At the same time, the company itself was moved to the Netherlands Antilles (on paper) to keep it out of German hands. After the war it was moved back to the Netherlands, with their headquarters in Eindhoven. Many secret research facilities were locked and successfully hidden from the invaders, which allowed the company to get up to speed again quickly after the war.
It is also believed that Philips - both before and during the war - supplied enormous amounts of electric equipment to the German occupation forces, which has led some people to think that the company collaborated with the Nazis[citation needed] , like many other firms in their day. However, there is no evidence to suggest that Philips itself or its management ever sympathized with the Nazis or their ideologies. The only Philips family member who did not leave the country, Frits Philips, saved the lives of 382 Jews by indicating to the Nazis that they were indispensable for the production process at Philips. In 1996, he was awarded the Yad Vashem reward by the Israeli ambassador for his actions. Clearly, there is little Philips could have done to prevent the Germans from abusing their production facilities and forcing their employees to perform slave labor during the occupation. The production facility in Eindhoven was the only Dutch industrial target that was deliberately bombed by the allied forces during the war.
Postwar era
In 1991, the company's name was changed from N.V. Philips Gloeilampenfabrieken to Philips Electronics N.V. At the same time, North American Philips was formally dissolved, and a new corporate division was formed in the U.S. with the name Philips Electronics North America Corp.
In 1997 the decision was made to move to Amsterdam, along with the corporate name change to Koninklijke Philips Electronics N.V. The move was completed in 2001. Initially, the company was housed in the Rembrandt tower, but in 2002 they moved again, this time to the Breitner tower. In a sense, the move to Amsterdam can be considered a return to the company's roots, because Gerard Philips lived in Amsterdam when he came up with the idea of building a light bulb factory. He also conducted his first experiments in the field of mass production of light bulbs there, together with Jan Reesse. Philips Lighting, Philips Research, Philips Semiconductors (spun off as NXP in September 2006) and Philips Design, are still based in Eindhoven. Philips Medical is headquartered in Andover, Massachusetts, USA (since moving from Best, NL in 2002).
Sale of Semiconductors
As a chip maker, Philips Semiconductors was among the Worldwide Top 20 Semiconductor Sales Leaders.
In December 2005, Philips announced its intention to make the Semiconductor Division into a separate legal entity. This process of "disentanglement" was completed on 1 October2006.
On 2 August 2006, Philips completed an agreement to sell a controlling 80.1% stake in Philips Semiconductors to a consortium of private equity investors consisting of Kohlberg Kravis Roberts & Co. (KKR), Silver Lake Partners and AlpInvest Partners. The sale completed a process, which began December 2005, with its decision to create a separate legal entity for Semiconductors and to pursue all strategic options. Six weeks before, ahead of its online dialogue, through a letter to 8,000 of Philips managers, it was announced that they were speeding up the transformation of Semiconductors into a stand-alone entity with majority ownership by a third party. It was stated then that "this is much more than just a transaction: it is probably the most significant milestone on a long journey of change for Philips and the beginning of a new chapter for every one – especially those involved with Semiconductors".
In its more than 115 year history, this counts as a big step that is definitely changing the profile of the company. Philips was one of few companies that successfully made the transition from the electrical world of the 19th century into the electronic age, starting its semiconductor activity in 1953 and building it into a global top 10 player in its industry. As such, Semiconductors was at the heart of many innovations in Philips over the past 50 years.
Agreeing to start a process that would ultimately lead to the decision to sell the Semiconductor Division therefore was one of the toughest decisions that the Board of Management ever had to make.
On 21 August 2006, Bain Capital and Apax Partners announced that they had signed definitive commitments to join the expanded consortium headed by KKR that is to acquire the controlling stake in the Semiconductors Division.
On 1 September 2006, it was announced in Berlin that the name of the new semiconductor company founded by Philips is NXP Semiconductors.
Coinciding with the sale of the Semiconductor Division, Philips also announced that they would drop the word 'Electronics' from the company name, thus becoming simply Koninklijke Philips N.V. (Royal Philips N.V.).
History
The foundations for what was to become one of the world's biggest electronics companies were laid in Eindhoven, the Netherlands, in 1891.
Philips began by making carbon-filament lamps and, by the turn of the century, was one of the largest producers in Europe. As developments in new lighting technologies fueled a steady program of expansion, in 1914 it established a research laboratory to study physical and chemical phenomena and stimulate product innovation.
In 1918, it introduced a medical X-ray tube. This marked the beginning of the diversification of its product range and the moment when it began to protect its innovations with patents in areas stretching from X-ray radiation to radio reception.
In 1925, Philips became involved in the first experiments in television in 1925 and, in 1927, began producing radios; by 1932, it had sold one million of them. A year later, it produced its 100-millionth radio valve and started production of medical X-ray equipment in the United States. By 1939, when it launched the first Philips electric shaver, the company employed 45,000 people worldwide.
Science and technology underwent tremendous development in the 1940s and 1950s, with Philips Research inventing the rotary heads that led to the development of the Philishave electric shaver, and laying down the basis for later ground-breaking work in transistors and integrated circuits. The company also made major contributions to the development of the recording, transmission and reproduction of television pictures. In 1963, it introduced the Compact Audio Cassette. In 1965, it produced its first integrated circuits.
The flow of exciting new products and ideas continued throughout the 1970s. Research in lighting contributed to the new PL and SL energy-saving lamps, while Philips Research made key breakthroughs in the processing, storage and transmission of images, sound and data. These led to the inventions of the LaserVision optical disc, the Compact Disc and optical telecommunication systems.
In 1972, the company established PolyGram, the enormously successful music recording label. In 1974, it acquired Magnavox and in 1975, Signetic, both in the United States. Acquisitions in the 1980s included GTE Sylvania's television concern and Westinghouse's lamps business. Then, in 1983, came a technological landmark: the launch of the Compact Disc. Other milestones of the time included the production of Philips' 100-millionth TV set in 1984 and, in 1995, the 300-millionth Philishave electric shaver.
The 1990s was a decade of significant change for Philips. The company carried out a major restructuring program to return it to a healthy footing, simplifying its structure and reducing the number of business areas. In 1997, in cooperation with several other companies - and building on the success of its Compact Disc technology (invented by Philips and jointly introduced with Sony) - it released what proved to be the fastest growing home electronics product in history: the DVD.
Moving into the 21st century, Philips has continued to change and grow. Long aware that for many people it is no more than a consumer electronics producer, it has dedicated itself to projecting a new and more representative image that reflects the products it offers in the areas of Healthcare, Lifestyle and Technology. By following this up in 2004 with a massive advertising campaign to unveil its new brand promise of 'sense and simplicity', the company confirmed its dedication to offering consumers around the world products that are advanced, easy to use and, above all, designed to meet their needs.
In September 2006, Philips sold 80.1% of its Semiconductors business to a consortium of private equity partners. This laid the foundation for a strong and independent new semiconductors company, named NXP, which was founded on the heritage of over 50 years of innovation at the heart of Philips. The sale marks a further milestone in our shift from cyclical activities to the building of an even stronger company, focused on Healthcare, Lifestyle and Technology, and centered around our brand promise of ‘sense and simplicity’.
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