Rexel SA Chief Executive Officer Rudy Provoost said French government measures announced last month to boost home insulation and heating renovation are insufficient because they don’t promote “active” energy savings systems.
Royal Philips Electronics NV said Rudy Provoost is leaving as head of the lighting unit to join French electrical equipment retailer Rexel SA , where he will succeed Chief Executive Officer Jean-Charles Pauze next year.
Rexel SA, the world’s largest distributor of electrical equipment, introduced a more-generous dividend policy and said it will scale back operations in Spain and Italy as it seeks to hold profit steady through the financial crisis.
Royal Philips Electronics NV, the world’s biggest maker of light bulbs, dropped the most in more than two years in Amsterdam trading after saying it needs to deepen cost cuts to combat deteriorating demand for lighting and consumer electronics.
Rexel SA will refinance its debt to exploit low borrowing costs as the world’s biggest listed distributor of electrical equipment predicts stagnating profitability this year amid Europe’s economic woes.
Royal Philips Electronics NV, the world’s biggest lightbulb maker, said it’s “cautious” about prospects for 2012 after writedowns, sluggish sales and costs to exit a television business led to its biggest loss in a decade.
Royal Philips Electronics NV’s earnings fell 45 percent, while Siemens AG cautioned that its targets have become harder to reach, as the two European manufacturers feel the strain of the region’s economic crisis.
Royal Philips Electronics NV, the world’s biggest maker of light bulbs, said it will outline a first round of job cuts in the Netherlands at its lighting unit today as part of a global spending-reduction drive.