Philips Closes Shenzhen Factory
On May 31st, Philips Lighting Factory in Shenzhen–Philips Consumer Luminaires Manufacturing (Shenzhen) Co., Ltd. have issued an announcement about deciding to dissolve the company in advance of previous plans, causing uproar in the industry. The announcement said that in recent years the company has experienced various difficulties such as the continuous downward trend of the economy, rising costs and business continuing to deteriorate.
Despite the various measures taken, the company still failed to reverse the situation. As the world’s leading lighting brand–Philips Lighting, much attention has been paid to each step of the closure of the factory in Shenzhen. This has also sparked concern about the future of China’s manufacturing industry.