Philips Chief Cuts Additional 2,200 Jobs as Economy Worsens
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Royal Philips Electronics NV said it will eliminate 2,200 additional jobs to wring an extra 300 million euros ($383 million) in savings from the world’s largest lighting company as economic conditions deteriorate.
The measures, designed to address inefficiency in the health-care and lighting divisions, bring the cost-cutting target to 1.1 billion euros by 2014, Amsterdam-based Philips said today. It’s targeting an extra 50 million euros in savings for this year, Chief Executive Officer Frans van Houten said.