Philips makes US$631mil provision for litigation costs

FILE PHOTO: Logo of Dutch technology company Philips is seen at company headquarters in Amsterdam, Netherlands. REUTERS/Eva Plevier/File

AMSTERDAM: Dutch health technology company Philips has set aside €575mil (US$631mil or RM2.8bil) for possible litigation costs related to its global recall of respiratory machines.

Amsterdam-based Philips is grappling with the fallout of a global recall of millions of respirators used to treat sleep apnoea, announced in June 2021 over worries that foam used in the machines could become toxic.