Philips to cut 2,200 jobs globally by 2014

11 Sep 20121 Share

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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 was a long-time reporter with Siliconrepublic.com

editorial@siliconrepublic.com