Philips plans to cut 2,200 jobs
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.