Bloomberg News

Philips to Cut 4,500 Jobs Globally, Seeks EU800 Million Savings

October 17, 2011

Oct. 17 (Bloomberg) -- 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.

Philips said about 60 percent of the savings are related to the job cuts, while the remaining 40 percent are tied to “other structural costs.” The company reiterated its mid-term earnings targets today.

--Editor:

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net


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