Reducing Activities: company scaling back some business operations while continuing others

Wait Scaling Back

Koninklijke Philips N.V. is a Dutch multinational conglomerate corporation. Philips was formerly one of the largest electronics companies in the world, but is currently focused on the area of health technology, having divested from other divisions.

Reducing Activities: company scaling back some business operations while continuing others

Wait Scaling Back

Global 500, is an annual ranking of the top 500 corporations worldwide

Global 500

Top 100 largest companies in Russia by revenue

Top 100
Revenue(RF), mln.USD
352
Assets(RF), mln.USD
184
Capital(RF), mln.USD
47
Glob.Revenue, mln.USD
18744
Staff(RF), 2021
676

Suspended sales and marketing activities in Russia. On 23 May 2023, Philips Medical Systems informed its distributor in Russia that it is ceasing export to Russia until further notice. Not only did Philips stop export but already shipped units were shut out of maintenance and upgrading services. Philips was the first of several industry giants to falter under pressure.

The Company Statement
May 09, 2023

The company made a statement about humanitarian support of Ukraine. Stopping supplies to Russia and marketing activities. Dutch health technology company Philips (PHG.AS) will continue to deliver hospital equipment to Russia, despite its war on Ukraine, Chief Executive Officer Roy Jakobs said on Tuesday. Jakobs said Philips' activities in Russia centred on the maintenance and delivery of hospital equipment such as large medical scanners, while it has stopped the sale of its personal healthcare products there - except for maternal care products.

January 11, 2023Letter sent by B4Ukraine to the company (no response provided)
March 03, 2022Philips and the Philips Foundation provide support for the people of Ukraine
March 03, 2022Philips announced suspension of sales and marketing activities in Russia
Philips organizes scientific, practical and educational initiatives in Russia
US under Friendly Fire
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Company statements and statistical data are collected from open sources and official registers according to the methodology of the KSE Institute.
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