Philips is a Dutch industrial conglomerate. The company operates through two segments: Healthcare and Consumer Lifestyle. Philips also offers global shared business services for procurement, finance, human resources, information technology, and real estate. The company has more than 110,000 employees and offers its products throughout the world.
To optimize its environmental approach, Philips invests in the development of sustainable technology products and continuously reduces the environmental impact of its operations. In a recent year, the company’s ‘green products’ accounted for more than half of its total sales, and Philips invested more than $500 million in Green Innovation research and development. The company has also offered recycling and refurbishment programs for its products for more than 25 years. Philip’s health and sustainable products are estimated to improve the lives of more than 1 billion people annually, and the company hopes to triple that number by 2025. By 2020, Philips has set a range of strong sustainability goals, including sourcing 100% of its electricity from renewable sources and sending zero waste to landfill. Additionally, the company has developed a number of strategic programs to help its suppliers improve their social and environmental performance. Philips advances these strict standards each year while monitoring supplier compliance. The Philips Care program engages the company’s employees in community philanthropy and donations each year.
Philips faces numerous allegations of price fixing, false advertising and other anticompetitive practices. Additionally, the company recently settled a lawsuit with 145 workers who were diagnosed with mercury poisoning in 1992 and faces other allegations regarding workers exposed to hazardous substances.
Country: The Netherlands
To the best of our knowledge the above information is accurate and was obtained from sources we believe to be reliable. Neither the information presented above nor any opinion expressed shall be construed as an offer to sell or a solicitation to buy the security. The views expressed are those of portfolio management as of 12/31/16 and may not reflect current opinions or subsequent events.