Friday, July 18, 2008

Report: Philips Electronics to set up North American HQ in Andover

By Mass High Tech Staff

Andover town officials have let news slip that Dutch company Royal Philips Electronics NV (NYSE:PHG) is moving its North American headquarters from New York City to Andover, according to a report in the Eagle-Tribune. A formal announcement about the move is expected at a press conference Tuesday with an appearance by Gov. Deval Patrick and Philips Electronics North America CEO Scott Weisenhoff.

Andover currently hosts the site of biotech company and Royal Philips Electronics subsidiary Philips Healthcare, a medical device manufacturer that employs 2,200 workers.

Town selectman and Philips Healthcare employee Brian Major mentioned the move this week, the Eagle-Tribune writes.

In April, Philips Healthcare reported revenue of $2.3 billion in the first quarter, up 5 percent from $2.3 billion in the same quarter last year, according to a Philips’ earnings report. The increase in revenue stemmed from better sales in its ultrasound, cardiac care, customer service and patient-monitoring businesses.

The parent company reported total first-quarter sales of $9.4 billion, a 1 percent bump over $9.4 billion in sales during the same period in 2007.

This year, Philips has made acquisitions including Shenzhen Goldway Industrial Inc., a provider of patient monitoring in China, and Tomcat Systems Ltd., a maker of cardiac-care software, based in Northern Ireland.

Philips Healthcare, which recently changed its name from Philips Medical Systems, employs 2,200 people.