China Financial Daily

Philips Display Corporation to sell all the shares of LG
Xinhua in Seoul, on March 12nd (Xinhuanet Gan Yulan), according to South Korean media it was reported on 12nd, the Netherlands Philips said that it would sell off all the shares of its holdings which worth of about 1.3 trillion wons (about 1466 Wons for 1466 dollars) in LG Display, ending the cooperation with the LG Electronics company as long as 10 years. South Korean Yonhap News Agency reported that on the same day Philips through its official website announced that the company decided to sell LG all the shares.

6000 layoffs! Philips encountered 1.5 billion euros loss in the fourth quarter
News on January 27: Europe’s largest consumer electronics maker Philips on Monday (January 26), said the company had net loss of 1.5 billion euros (1.978 billion U.S. dollars) in the fourth quarter of 2008. This was the first loss for Philips in five years. Philips said the company would cut down 6000 employees all over the world.

Philips mainly rely on a strong health care sector to support sales and profits. Due to the deepening persistent economic recession and financial crisis, Philips was forced in the last three months of 2008 to depreciate 1.3 billion euros (1.714 billion U.S. dollars) their assets, including the recently acquired assets.