Philips CEO: Brexit will smack down UK's manufacturing



Brexit is one of the most popular topics in British society and bosses of international companies is not an exception. In an interview with Reuters, Philips CEO Frans van Houten described his vision of British manufacturing future. One little spoiler, it wouldn`t be favorable. 


He said that he was certainly worried about trading between Britain and the European Union. It could be more difficult than now. He decided to tell these words when his company had published worse than expected income report for the third quarter. This bad state of affairs made him to think that British manufacturing hub would be at risk because of Brexit. 

Company`s major factory is located in Glassford, Frans van Houten thinks a hard or no-deal Brexit will smack down their products.  

Philips looks forward to a customs union at least; it all depended on the outcome of Brexit result. Unless they were able to resolve the problem, company would need to amend its manufacturing strategy. Philips` stock current indicator is 31.28 EUR, it`s the worst rate since April 2018. 

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