Philips Laser Magnetic Storage is expected to increase its revenue up to 20% each year for the next several years, according to company vice-president Todd Gresham.
According to Gresham, the Colorado Springs headquartered company has been working diligently for the past two years on a series of products that are just being introduced in the marketplace. These are the NCTP products, which are tape subsystems or drives. Until now, the largest buyer of Philip’s tape drives has been IBM. With the introduction of the new product, the company will have more access to horizontal sales, enabling Philips to create a broader range of customer.
Another product the company is introducing is the BlackJack family, which is a system of automated tape libraries.
In addition to these two categories, Gresham said the company is also very committed to its 12" worm optical product, which accounts for up to 50% of the world’s marketplace. All three of these categories fall under the umbrella of mass storage, which Gresham considers to be the division’s main focus.
The company, whose parent firm is Philips Electronics N.V. of the Netherlands, is considered to be one of the top 100 largest industrial companies in the United States.
The company has operations in consumer products, electrical and electronic companies, and medical diagnostic imaging systems, marketed under well known names such as Philips, Magnavox, Norelco, and Sylvania audio-video.
The company employs 320 in the Springs. Gresham anticipates employee growth, though the number is uncertain.
Worldwide revenue for Philips Electronics N.V. exceeded $40 billion in 1995.