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Philips is to build a new glass furnace at its television screen factory in Simonstone, which will secure the future of the 300-strong workforce.
Philips has opened a new factory in Stockport to make discrete semiconductor devices, and expects to add a further 350 jobs at the site over the next five years.
The government has given the go-ahead for a £1.5bn semiconductor plant on a greenfield site north of Birmingham which could create up to 4,800 jobs, and Philips is said to be one of the front-runners to invest at the site.
Philips Telecom-PMR, the mobile radio business, has been bought from Philips Electronics by management for £60m.