Philips reclassified as healthcare sector business by MSCI

Philips has announced that MSCI, a leading provider of research-based indices and analytics, has recognised the company's transition into a health technology-focused business.

MSCI has reclassified Philips as a healthcare sector company rather than an industrials business, reflecting its recent shift in corporate strategy. The reclassification was effective as of the opening of European markets on September 1st 2017.

This follows the FTSE Group's reclassification of Philips' shares to healthcare in December 2016, with the STOXX Europe 600 Index following suit in March this year.

Philips expects that its pivot towards health technology will allow it to achieve further financial performance improvements in the coming years, while also offering new solutions to improve people's health and enhance productivity for care providers.

Frans van Houten, chief executive officer of Philips, said: "This is another strong acknowledgement of Philips' transformation into a focused health technology leader with a broad portfolio of innovative consumer health and professional healthcare solutions."

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