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Respironics is an American medical supply company owned by Philips that specializes in products that improve respiratory functions. It is based in the Pittsburgh suburb of Murrysville in Pennsylvania, United States. Some of its products had hazardous foam that disintegrated and entered patients' bodies.
In the early 2000s, Philips bought many medical device companies and offered to buy Respironics for $66 a share when its stock was worth $53. McGinnis and the Respironics board did not want to sell the company and declined an earlier takeover offer. [3] However, they reluctantly accepted the sale because the shareholders wanted to cash out.
At its nadir, Philips stock had fallen 70% because of the recall. Shares have begun to rebound and have almost doubled since October 2022 when Jakobs became CEO but remain well below pre-recall ...
Philips reached a $1.1 billion settlement in the U.S. related to the recall of its Respironics ventilators. ... Philips' stock experienced a 3.3% rise in Amsterdam, reflecting a positive market ...
Gerard Philips (1858–1942), founder. The Philips Company was founded in 1891, by Dutch entrepreneur Gerard Philips and his father Frederik Philips. Frederik, a banker based in Zaltbommel, financed the purchase and setup of an empty factory building in Eindhoven, where the company started the production of carbon-filament lamps and other electro-technical products in 1892.
Philips lost more than two-thirds of its market valuation in 2021-2022, but has staged a modest recovery in 2023. "This is negative news," analysts from Bernstein said in a note.
Philips Respironics: Netherlands 3% Others 15% Mobile ventilators [2] Manufacturer Country Market share (2019) Dräger: Germany 24 % Weinmann Medical: Germany 21 %
The CEO of Exor NV, the largest shareholder in Dutch healthcare equipment maker Philips NV, on Thursday said he continues to believe the company's problems are solvable. John Elkann was speaking ...