Reducing Activities: company scaling back some business operations while continuing others
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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
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Global 500Top 100 largest companies in Russia by revenue
Top 100Suspended 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. LLC "PHILIPS" (tax id 7704216778) and "VERSUNI" LLC (tax id 9703016882) - local entities identified in Russia. Company's corporate strategy to focus on medical, and scale back on domestic products - so their war statement was pretty much in line with what they were planning for the future. Philips closed a mega deal of medical equipment in Russia few days before the Russian invasion. From the global annual report 2021: "In Russia, Philips won several key projects, including one at Moscow City Healthcare Department for ultrasound systems, including lifetime service support for local clinics. The company also concluded a turnkey project for Sakha Republic (Yakutia), equipping the regional hospitals’ cardiology and oncology departments with, among others, our Azurion 7 image-guided therapy solution, MR Ingenia Ambition imaging system, and IntelliSpace Critical Care and Anesthesia informatics system."
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. 25.09.2023: The full name was changed from PHILIPS HOME EQUIPMENT LLC to VERSUNI LLC | The entry about the founder PHILIPS DOMESTIC APPLAINSIS HOLDING B.V. has been deleted. The entry about the founder PHILIPS DOMESTIC APPLAINSIS NETHERLAND B.V. has been deleted. VERSUNI HOLDING B.V. becomes the new founder of the organization and VERSUNI NETHERLANDS B.V. becomes the new founder of the organization - internal deal. Philips is not trying ot leave as it took half a billion RUB in loans in war year 2022 and invested it in fixed assets. Household appliances from Bosch, Delonghi and Philips, produced for the Ukrainian market, began to be supplied to the Russian Federation and sold through marketplaces and electronics store chains. Philips struck a deal with the Chechnyan ministry of health in July, 2023. They've transformed the Russia branch to a medical supplier, and in that light they don't mind doing business with Kadyrov (a photo with Kadyrov's son-in-law and a Russian Philips manager right after they signed an agreement was published in Instagram feed about the deal).