Founded over a century ago, today Philips is one of the world's largest electronics companies. It currently holds over 56,000 patent rights and 10,000 invention registrations. Philips offers a wide range of consumer electronics in more than 150 countries, selling 60 million units annually. Philips holds numerous awards for design of hair cutting machines, irons, electric shavers, vacuum cleaners and many other products. In addition to global Philips Research labs, the company operates Philips Domestic Appliances and Personal Care institute.