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Philips plans another round of buyback

KOLKATA: Philips is planning another round of buyback, Chairman S. M. Datta told shareholders at the annual general meeting here on Friday. The price had been pegged at Rs. 242 a share as advised by the valuers. The company had set aside Rs. 145.80 crore for this purpose, he said.

Company Vice-Chairman and Managing Director Murali Sivaraman hinted that efforts would be made to convince parent company Koninklijke Philips Electronic NV to set up a health care manufacturing equipment facility in India. He said that although the company’s margins dipped in the second half of 2008 amid soaring energy and commodity costs, it held on to its market share in most business segments and had also cut costs. Philips operates in three business segments — lighting, in which it is the market leader, consumer-lifestyle and heath equipment. Besides, it has the Innovation Campus. He said Philips wanted to touch consumers at every point and was planning to launch mother and child care products, even as it tried to up its market share in DVD, CRT TV and other audio products. He said Philips was trying to convince its parent company Koninklijke Philips Electronic NV to set up a manufacturing unit in the health equipment segment in India.

Describing 2008 as a defining year for the company, he said that in lighting, especially in the segment of CFL lighting, the company invested in the expansion of its facility in Mohali and Vadodara facilities, while in the health care area it completed its acquisition.

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