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Philips may take more measures to stay healthy

Dutch Philips Electronics may have to take additional measures in the next months to keep the company healthy, its chief executive told workers in an internal magazine.

A Philips spokesman confirmed the magazine was distributed to Dutch workers. He did not elaborate on the measures but said it can be assumed that they would be in the area of cost cutting.

“It cannot be ruled out that in the coming months, additional measures should be taken to keep Philips healthy and strong enough to grow profitable, when the crisis is over,” Philips' Chief Executive Gerard Kleisterlee said in the company's Dutch internal magazine.

He also said it doesn't look like sales would recover during the second quarter.

Philips is the world's biggest lighting maker, a top-three hospital equipment maker and Europe's biggest consumer electronics producer. (Reuters)