Belfast Telegraph

Monday 22 September 2014

Philips plans to cut 2,200 jobs

Royal Philips Electronics CEO Frans van Houten announced 2,200 job cuts

Royal Philips Electronics, the largest maker of lights, has announced plans to cut 2,200 jobs by 2014 to save £240 million.

Saving money will lessen "the effects of macro-economic headwinds and changes in pension cost accounting", Philips chief executive officer Frans van Houten said in a statement.

He described the job losses as "regrettable".

The job cuts will fall at the company's lighting and healthcare divisions.

The company said it planned a fuller explanation at a press conference later.

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