Philips to Cut 4,500 Jobs Globally, Seeks EU800 Million Savings
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Royal Philips Electronics NV, the Dutch maker of lighting equipment, medical devices and consumer electronics, said it plans to cut 4,500 jobs globally, of which 1,400 will be in the Netherlands, as part of a plan to lower costs by 800 million euros.
“Through this program, Philips is investing in growth, addressing structural change, focusing on execution, reducing overhead costs and adopting a new company culture,” Philips said in the statement today, as it reported earnings for the third quarter.