January 29, 2019 / 7:54 AM / 23 days ago

Philips moves U.S. and China production lines due to trade war

AMSTERDAM, Jan 29 (Reuters) - Dutch health technology company Philips on Tuesday said it is moving "hundreds of millions" of euros worth of production from the United States to China and vice versa, to mitigate the effects of the ongoing trade war between the two countries.

"These are serious changes to our supply chains", Chief Executive Frans van Houten told reporters. "We will make sure to implement these in the course of the first half of the year, to mitigate the net effects for the whole of 2019." (Reporting by Bart Meijer, editing by Louise Heavens)

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