On October 20th111October17th, Philips Electronics released its third-quarter financial report, and its third-quarter net profit decreased by 85.9% year-on-year. At the same time, it was announced that Philips would lay off 4,500 people worldwide. By the end of 20 13, 1 year 10, Philips' consumer electronics business has been completely divested and will focus on the quality of life, medical care and lighting equipment industries. On June 7th, 20 14, Beijing time, Philips announced the acquisition of American medical equipment manufacturer Volcano for1200 million dollars.