Philips boss sees no improvement in Q2

There are as yet no signs of a recovery in sales at electronics giant Philips, CEO Gerard Kleisterlee is reported as saying in an in-house magazine.

‘The recession is heavy and deep. That means we have to keep a sharp eye on our income and expenditure in 2009,’ news agency ANP quoted Kleisterlee as saying. ‘As management it is our duty to adapt costs to a lower sales level.’

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