we started a program to improve procurement effectiveness

UL is a globally renowned safety science company with more than a century of expertise. It has locations in over 100 countries around the globe, employing almost ten thousand professionals. UL serves five key business units: Product Safety, Environment, led high bay light  Verification Services and Knowledge Services, through which it strives to further development in the safety sector, as well as to satisfy both customers and the public’s continuously increasing demand for safe products.The ability to truly integrate safety with durability in the LED product design phase, as well as the ability to effectively manage the time required to go from development to production, has bolstered Edison Opto’s competitive advantages in the LED lighting industry.

Our multi-year change and performance improvement program Accelerate! continues to make good progress. Philips employees across the globe are becoming more entrepreneurial, resulting in stronger growth for the company, an encouraging sign in a weak global economy. We continued to extend the number of LEAN End-to-End transformations in the last quarter, paving the way for a simplified and more efficient future IT platform. Additionally, we started a program to improve procurement effectiveness and see significant opportunities to reduce the cost of goods and improve gross margins in 2013 and beyond.

Our actions to deliver on our overhead cost-reduction program are on track. Cumulative savings amounted to EUR 306 million through the third quarter of 2012. We recently communicated that we have increased led flood light  The increased savings will require a step-up in restructuring charges this year. We now expect restructuring and acquisition-related charges of approximately EUR 300 million in the fourth quarter of 2012.