structural:summarization, structural:scholar_edition
Koninklijke Philips N.V., commonly shortened to Philips, is a Dutch multinational conglomerate corporation that was founded in Eindhoven in 1891. Since 1997, its world headquarters have been situated in Amsterdam, though the Benelux headquarters is still in Eindhoven. Philips was once one of the largest consumer electronics companies in the world, but later focused on health technology, having divested its other divisions. The company was founded in 1891 by Gerard Philips and his father Frederik, with their first products being light bulbs. Philips employs around 80,000 people across 100 countries. The company gained its royal honorary title in 1998 and dropped "Electronics" from its name in 2013, due to its refocusing on healthcare technology. Philips is organized into three main divisions: Personal Health, Connected Care, and Diagnosis & Treatment. The lighting division was spun off as a separate company, Signify N.V. The company started making electric shavers in 1939 under the Philishave and Norelco brands, and post-war it developed the Compact Cassette, an audiotape format, and co-developed the compact disc format with Sony, as well as numerous other technologies. As of 2012, Philips was the largest manufacturer of lighting in the world as measured by revenue. Philips has a primary listing on the Euronext Amsterdam stock exchange and is a component of the Euro Stoxx 50 stock market index. It has a secondary listing on the New York Stock Exchange. Acquisitions included Signetics and Magnavox. It also founded a multidisciplinary sports club called PSV Eindhoven in 1913.