Amsterdam, the Netherlands – Royal Philips (NYSE: PHG, AEX: PHIA) today announced that FTSE Group’s Industry Classification Benchmark (ICB) has reclassified Philips to the Health Care industry*, following the company’s strategic decision to focus on health technology. Previously, Philips’ shares were classified in the Industrials industry. The reclassification was implemented at the close of markets on December 16, 2016 and is effective today, December 19, 2016.
“ICB’s reclassification is a great acknowledgement of the significant steps we have taken to reposition our company in the health technology market,’’ said Frans van Houten, CEO of Royal Philips. “Philips has transformed into a global leader in health technology, and we leverage our deep clinical and consumer insights to deliver innovative healthcare solutions. This reclassification facilitates the comparison with sector peers and supports the investment community to value Philips following its transformation.”
ICB is a definitive system categorizing over 290,000 securities worldwide, that enables the comparison of companies across four levels of classification and national boundaries. The system is adopted globally by stock exchanges representing over 85% of the world’s market capitalization, including LSE, NYSE, Euronext and NASDAQ OMX.
* ICB supersector, sector and subsector classifications were changed to Health Care, Health Care Equipment & Services and Medical Equipment respectively, from Industrial Goods & Services, General Industrials and Diversified Industrials previously.