December 6, 2007 Electronics giant Philips said that it was on course to achieve three per cent core profit margin in its consumer division for 2007, reaching its annual target. Consumer electronics division chief executive Rudy Provostsaid that overall the companys performance was improving though it was facing strong competition on displays in the US market.

In the last year that the division exists, all of its businesses except connected displays, which is responsible for flat screens for TVs and PC monitors, saw year on year growth. Starting on January 1st 2008, domestic appliances and consumer electronics units will be combined into the consumer lifestyle sector. Analyst Victor Bareno, of investment firm SNS Securities, said: We expect this performance to be further supported by the cost savings from the combination with domestic appliances.

The company, Europes biggest consumer electronics producer said it expects the combination of business units to result in savings of 150 million ( 107.88 million) to 200 million ( 143.83 million). Rapid Electronics are one of the UKs leading suppliers of electronic components , electrical products , and industrial supplies to the Consumer Electronics sector.

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