Royal Philips (NYSE:PHG) said it is optimistic it will see its Cleveland plant turn a profit this year, despite seeing losses increase during the 1st quarter.
The company saw losses grow at the plant due to continued effort to fix quality control problems that pushed it to stop manufacturing at the plant in early 2014. The company has slowly ramped up service at the plant since then.
The plant lost $4.6 million in the 1st quarter this year, while clocking in $1.1 million in losses during the 4th quarter last year and $6.9 million total through 2015, according to Crain’s Cleveland Business.
The company saw losses grow at the plant due to continued effort to fix quality control problems that pushed it to stop manufacturing at the plant in early 2014. The company has slowly ramped up service at the plant since then.
The plant lost $4.6 million in the 1st quarter this year, while clocking in $1.1 million in losses during the 4th quarter last year and $6.9 million total through 2015, according to Crain’s Cleveland Business.
