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Philips to cut 2,200 jobs

Posted: 12 Sep 2012     Print Version  Bookmark and Share

Keywords:restructuring  cost-saving  job cuts 

Philips said it would cut 2,200 jobs globally as part of its restructuring programme. The electronics major aims to save an additional Rs.2,054.79 crore (300 million euros).

"The company has identified additional opportunities, among others in the healthcare and lighting sectors, to further decrease inefficiency and complexity," Philips said in a statement.

According to the company, these additional structural saving opportunities of Rs.2,054.79 crore (300 million euros) will bring the overall savings programme from Rs.5,479.45 crore (800 million euros) to Rs.7,534.25 crore (1.1 billion euros), to be completed by 2014.

The restructuring move raises Philips's cost-saving target to Rs.7,534.25 crore (1.1 billion euros), after it announced 4,500 job cuts in October. This brings the total number of job cuts to 6,700.

"The identified additional overhead cost reduction measures will help us mitigate the effects of macro-economic headwinds," said Philips CEO Frans van Houten.

Philips is a leading brand in consumer electronics segment, lighting systems. The company is actively increasing its activities in the medical equipment sector.





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