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Dutch firm invests to boost R&D to tap market
By Zhu Shenshen |
September 12, 2012, Wednesday
|
Print Edition
Print Edition
ROYAL Philips will invest 100 million euros (US$126 million) annually in research and development as it taps China's booming consumer electronics market, while the firm is also set on expanding to small cities and towns nationwide.
"China is Philips' second home market after Europe and we always eye expanding here," said Fabian Wong, president of Philips Consumer Lifestyle China president, yesterday.
The consumer lifestyle division, which covers home appliance, health and wellness as well as video and multimedia business, is one of the three core businesses besides Philips Healthcare and Philips Lighting.
The division has 12 research centers in China and spends 100 million euros annually on research. The Netherlands-based company will increase investment to develop more tailored products, such as shavers, coffee machines and earphones, in China where consumers have different demands from Western users, Wong said.
"China is Philips' second home market after Europe and we always eye expanding here," said Fabian Wong, president of Philips Consumer Lifestyle China president, yesterday.
The consumer lifestyle division, which covers home appliance, health and wellness as well as video and multimedia business, is one of the three core businesses besides Philips Healthcare and Philips Lighting.
The division has 12 research centers in China and spends 100 million euros annually on research. The Netherlands-based company will increase investment to develop more tailored products, such as shavers, coffee machines and earphones, in China where consumers have different demands from Western users, Wong said.
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