Dutch electronics multinational Koninklijke Philips is turning to its Cleveland medical imaging production facility to rejuvenate the struggling healthcare side of its business.
Philips voluntarily closed the plant in April “to remediate certain quality controls in manufacturing and procurement and in the design transfers,” company chairman Frans van Houten told analysts Tuesday during a post-earnings-release telephone call, transcribed by Seeking Alpha.
Philips executives blamed the plant closing and unfavorable exchange rates for poor second-quarter results. Net profit was down 23% from €242 million ($328 million), compared with €317 million in the same quarter a year earlier.
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