Philips plans $2B share buyback

Philips ($PHG) will proceed with a $2 billion share buyback program as part of an effort to improve its margins and boost efficiency. As Bloomberg reports, the Dutch consumer and healthcare electronics giant is pursuing an efficiency drive. The effort, dubbed "Accelerate!," includes plans to eliminate 6,700 jobs and slash more than $1.4 billion in costs by 2014. And there will be major pressure to boost margins at Philips' medical unit, according to the article. Story