Philips confirms long-term targets

AMSTERDAM, March 27 (Reuters) - Philips Electronics NV (PHG.AS: Quote, Profile, Research) repeated its long-term targets for annual comparable sales growth of at least 6 percent from 2008 to 2010.

At a shareholders meeting in Amsterdam on Thursday, Philips Chief Executive Gerard Kleisterlee also confirmed the target to boost core earnings margins of its current businesses to more than 10 percent by 2010.

After a buying spree at the end of 2007 in which Philips acquired U.S. sleep therapy products maker Respironics, lighting maker Genlyte and medical systems provider Visicu, the company will now focus on integrating these companies.

"Following the major acquisitions, this management agenda 2008 is dominated by the themes of implementation and execution and operational performance," Kleisterlee said.

The company wants to boost its business in emerging markets and aims to grow at twice the rate of local economic growth there.

Emerging markets such as China, India, Russia and Brazil already account for about 30 percent of Philips' sales and the company has said this provides a cushion against a deterioration in mature markets.

Kleisterlee reiterated Philips would take steps to improve the profitability of its television business.

In January, Kleisterlee would not rule out a sale of the TV business, but said the company would for now focus on being more selective in what products it offers where. (Reporting by Niclas Mika; Editing by David Holmes)