Amsterdam, the Netherlands – Royal Philips Electronics (NYSE: PHG, AEX:PHI) today announced that it has been reclassified to the Industrial Goods & Services Supersector by FTSE Group’s Industry Classification Benchmark (ICB). Philips was previously classified in the Personal & Household Goods Supersector. ICB is the widely used global standard for company classifications and is adopted by stock exchanges representing over 65% of the world’s market capitalization. The implementation date for the reclassification has been at the close of markets on June 15, 2012 and is effective the next trading day, June 18, 2012.
“The reclassification by the ICB reflects the significant steps we have taken to transform our business to capitalize on global trends in highly attractive businesses and geographies,’’ said Philips Chief Executive Officer Frans van Houten. “Following the transaction to create the Television joint venture, Philips’ portfolio is now well aligned to our strategy of building on our leadership positions in health and well-being. The reclassification will help investors accurately value and assess the changes we have made to our portfolio.”
The ICB system categorizes more than 70,000 companies and 75,000 securities worldwide, enabling the comparison of companies across four levels of classification and national boundaries. The ICB system is supported by the ICB Database, a data source for global sector analysis, which is maintained by FTSE Group.