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Philips seeks more JVs in China.
(From Business Daily Update)
Author: Royal Philips Electronics NV, Europe's largest consumer electronics company, is seeking to form more partnerships with local players and increase its research and development (R&D) capabilities to bolster its presence in China. Company Chief Executive Officer Gerard Kleisterlee said Philips will announce on November 25 a major joint venture in China's semiconductor industry. "We at Philips are determined to double our sales (in China) over the next four years, and that means new ventures," he said last night. Philips' annual sales in China are around US$6.7 billion. The company has 32 wholly owned enterprises and joint ventures around the country worth a combined US$2.5 billion. Besides the semiconductor joint venture, "other development in the healthcare field will follow shortly," Kleisterlee said during a speech to the …
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