The company suffered heavy financial losses in 1893, and by 1894 the two men decided to sell the business. Father and son had underestimated the strength of international competition in the young industry, especially from the large German manufacturers who had entered the market in the early 1880s and were already well established. The firm could not produce as many lamps as Gerard had forecast, nor did the lamps fetch the price he had expected. Production started in 1892, but the fledgling company encountered problems from the very beginning. Philips & Company began operations in a small factory in Eindhoven. The elder Philips, a wealthy tobacco merchant and banker from Zaltbommel, provided the financing while Gerard contributed the technical expertise.
On May 15, 1891, Gerard Philips, a young engineer who saw commercial potential in newly developing electrical technology, formed Philips & Company, a partnership with his father, Frederik Philips, to manufacture incandescent lamps and other electrical products. The early years of the company were very much a family affair. Consumer Electronics-with 47 percent of turnover in 1992-remained the most important division, especially as Philips poured new resources into R&D and marketing in order to directly compete with Japanese manufacturers and capture a greater share of that market into the 21st century. Into the 1990s, the nine product divisions remained: Communications Systems Components Consumer Electronics Domestic Appliances and Personal Care Industrial electronics Lighting Medical systems Semiconductors and Polygram (recorded music and music publishing). acts as the holding company of the Philips group, with nine chief product divisions responsible for global product policy and approximately 60 national organizations responsible for conducting general policy in their respective geographical markets. Throughout the company's history, the family has sustained a strong commitment to technological innovation, market expansion, and stringent management policies.Īn efficient organizational structure has helped maintain management's hold on the increasingly gargantuan company. (known as Philips Gloeilampenfabrieken, or Philips Incandescent Lamp Works, until 1991) has grown from a small light bulb maker into one of the largest and most successful electronics firms in the world. This segment comprises the Monitoring & Analytics, Therapeutic Care, Population Health Management, and Sleep & Respiratory Care businesses.Inspired by the visions and leadership of several generations of the Philips family, Philips Electronics N.V.
The Connected Care & Health Informatics segment focuses on patient care solutions, advanced analytics and patient and workflow optimization inside and outside the hospital, and aims to unlock synergies from integrating and optimizing patient care pathways and leveraging provider-payer-patient business models.
This segment comprises the Diagnostic Imaging, Ultrasound, Healthcare Informatics and Image-Guided Therapy businesses. The Diagnosis & Treatment segment unites the businesses related to the promise of precision diagnosis and disease pathway selection, and the businesses related to image-guided, minimally invasive treatments. This segment comprises the Personal Care, Domestic Appliances, Oral Healthcare, and Mother & Child Care businesses. The Personal Health segment focuses on healthy living and preventative care. It operates through the following segments: Personal Health, Diagnosis & Treatment, Connected Care & Health Informatics, and Other. Koninklijke Philips NV is a technology company, which engages in the healthcare, lighting, and consumer well-being markets.
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