Philips will stop producing home appliancesJanuary 29, 2020 - 13:41 AMT PanARMENIAN.Net - Philips will complete its transformation to a health technology business with the sale of its domestic appliances division, which no longer fits with the company's range of hospital equipment and personal health products, Reuters reports. Once a sprawling conglomerate, Amsterdam-based Philips has narrowed its focus in recent years, spinning off the lighting and consumer electronics divisions for which it was previously best known. Philips said on Tuesday, January 29 it would carve out the domestic appliances business, which produces coffee machines, vacuum cleaners and airfryers and generated 2.3 billion euros ($2.6 billion) in sales last year, in the coming 12 to 18 months. "This business is not a strategic fit for our future as a health technology leader," Chief Executive Officer Frans van Houten said. He added that all options remained open for the division, which he said had a double-digit profit margin that was "slightly less" than the average for Philips. The already struggling connected care business, which specialises in remote patient monitoring, was the hardest hit and Van Houten said that following a significant fall in margins, the division's leader Carla Kriwet would leave the company and be replaced by Philips veteran Roy Jakobs. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Armenia, Russia discuss life extension of Metsamor nuclear plant Issues regarding the extension of life of the 2nd power unit of the Armenian Nuclear Power Plant were discussed in Yerevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel. |