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Philips to cut 2,200 jobs globally by 2014
11.09.2012
Philips to cut 2,200 jobs globally by 2014
Dutch electronics giant Philips is planning to cut another 2,200 positions by 2014 as part of its cost-cutting programme.
The company, which is meeting with investors and financial analysts in London today, has increased its cost-saving programme from €800m to €1.1bn.
Last October, Philips announced it was cutting its workforce by 4,500 people in order to meet the aforementioned €800m in cost reductions.
"We continue to focus on improving the performance of our company, and we are making good progress," said chief executive Frans Van Houten in a company statement today.
"The identified additional overhead cost reduction measures will help us mitigate the effects of macro-economic headwinds and changes in pension cost accounting, while making us a more agile innovation company serving our customers effectively across the world," he added.
Philips' €1.1bn savings programme and job cuts is set to be completed by 2014.
Headquartered in the Netherlands, Philips currently employs more than 122,000 people.
Carmel Doyle
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