A structural engineer who trained at the prestigious Technical University in Delft, Lou Ottens joined Philips in 1952 and was head of the Dutch company’s product development department when he began work on an alternative for existing tape recorders with their cumbersome large spools of tape. Later, he also helped develop the compact disc.
AMSTERDAM (AP) — Dutch electronics giant Philips says it fell to a fourth-quarter net loss of 39 million euros ($42 million) as it paid off pension risks and had higher tax and other expenses, down from a net profit of 134 million euros ($146 million) in the same period a year ago. Earnings before exceptional […]
European Union’s antitrust chief slapped the biggest ever cartel fine — over €1.47 billion ($1.96 billion) — on seven companies for allegedly rigging the international market of television and computer monitor tubes. The EU’s Commission ruled that, for a decade ending in 2006, the companies — including Philips, LG Electronics and Panasonic — artificially set prices, shared markets and restricted their output.
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AMSTERDAM (AP) — Dutch lighting and technology conglomerate Royal Philips Electronics NV has warned it expects a pretax loss of up to €120 million ($169 million) on its television business in the first quarter. Philips says it has been cutting inventory amid fierce price competition. It said in a warning Monday that “resolving this is […]