Italian company invests in Philips

Picture credit: Studio040/ Alain Heeren

Italian investment company Exor is acquiring a 15 per cent interest in Philips, the Eindhoven health care technology company announced.

Exor is owned by the Agnelli family, with interests in big firms such as car manufacturers Fiat and Iveco and publishers The Economist Group. The family also owns the Italian soccer club Juventus.

The acquisition of 15 per cent of the Philips shares means that Exor can appoint one of the ten members on the supervisory board of the company. It is unclear how much Exor paid for the Philips shares.

Dire straits

The investmentmade by Exor clearly comes as a  Dat de investering van Exor welkom is mag wel duidelijk zijn. Philips has been in dire straits for some time now, partly through the huge recall operation of the sleep apnea machines. which failed to meet the quality requirements. These setbacks largely motivated the recent big reorganisation Philips announced for the research departments in Eindhoven and Best.

‘In line with strategy’

“Exor’s investment in Philips, their long-term vision and focus on health care and technology, everything is in line with our strategy and our potential to create value”, Philips-CEO Roy Jakobs says.

“As market leader with human-oriented innovation capabilities Philips is in an excellent position to realise its mission to improve people’s health and wellbeing and to create value for the stakeholders”.

Source: Studio040

Translator: Greta


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