The largest maker of electronics is going forth with a plan to consolidate more company ownership back to the core. It has been focused on share buybacks since early this year, but has slowed in recent months.
Chief Executive Officer Gerard Kleisterlee, 62, sold most of Philips’s semiconductor assets as part of a focus on the lighting and health-care businesses, which have more predictable earnings. Philips booked a gain of 302 million euros in the quarter from selling its remaining shares in Taiwan Semiconductor.
“They’ve become more solid after exiting the chip segments, which now comes handy,” Wing-Yen Choi, an Amsterdam-based analyst - - - - >