AMSTERDAM : Making more products for China locally and buying chips from several suppliers are just two of the supply chain changes Dutch healthcare technology firm Philips is making due to rising trade tensions, its CEO Roy Jakobs told Reuters.
The company intends to ensure that 90 per cent of products for the Chinese market are sourced and assembled in China by 2024 - up from 75 per cent at present and 48 per cent in 2022.
Jakobs took the top job at Philips in 2022 amid a major recall of sleep apnea and respiratory devices. He says managing the recall and its costly aftermath remain his top priority. China, where Philips has operated for 100 years and is known as"Philipu", is the company's second-largest national market after the U.S., accounting for about 13-15 per cent of revenue with 8,000 employees and five production sites.
While Germany has called on companies to"derisk" from China, Netherlands-based Philips will continue to source Chinese components including nuts, bolts, plastics, electronics, monitors and other semi-finished goods for its operations around the world.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
OCBC names new Greater China head, OCBC Wing Hang China CEOpbWang Ke and Ang Eng Siong are stepping up to their new roles on 1 November./b/p pOCBC has announced leadership changes in its China business, including a new head and CEO./p pWang Ke, current CEO of OCBC Wing Hang China, will assume the role of head of Greater China, effective 1 November.
Read more »
Apple CEO Tim Cook makes surprise visit to ChinaHe visited Apple’s Taikoo Li store in Chengdu and met young players of the “Honour of Kings” game. Read more at straitstimes.com.
Read more »
ASML CEO says he expects demand from China will remain strongAMSTERDAM : The chief executive of Dutch semiconductor equipment maker ASML Holding NV said on Wednesday he expected demand from Chinese chipmakers to continue to be strong, despite export restrictions imposed by the U.S. and Dutch governments.
Read more »
OCBC makes key leadership changes in Greater ChinaSINGAPORE — Singapore’s second-biggest lender Oversea-Chinese Banking Corp (OCBC) on Wednesday (Oct 18) said that Wang Ke, currently CEO of OCBC Wing Hang China, will assume the role of Head of Greater China effective Nov 1.
Read more »
A decade on, has China’s ambitious Belt and Road Initiative benefitted Central Asia?As China marks the 10th anniversary of its global infrastructure project this year, CNA visits Central Asia, where the BRI was first set in motion, to take stock of the changes that have occurred.
Read more »