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Economy

ORIGINAL FRENCH ARTICLE: Philips : 2200 nouvelles suppressions d’emplois

by anonymous

Philips to Axe Another 2200 Jobs

Translated Wednesday 12 September 2012, by Gene Zbikowski and reviewed by Bill Scoble

The Dutch corporation Philips has decided to axe an additional 2200 jobs “worldwide,” which will bring to 6700 the total number of jobs to be cut by 2014.

“The job cuts will help us to manage the effects of macro-economic difficulties,” the group said to justify its decision, and described this development as “regrettable". Like so many others, these job cuts are part of a “cost reduction program". The planned savings will increase from 800 million euros to 1.1 billion euros, according to the announcement by Philips management on Sept. 11. The cost-cutting plan is to be finalized in 2014.

An initial wave of 4500 job cuts had been announced on Oct. 17, 2011. The additional 2200 cuts bring the total up to 6700. The cuts specifically concern the health care and lighting divisions. The countries concerned are as yet unknown. Philips employs around 120,000 workers, including 14,000 in the Netherlands and nearly 4,000 in France. Over the past year the corporation has been slowly spinning off its TV-making branch to the Chinese company TPV Technology.

Nevertheless, Philips chalked up a net profit of 167 million euros in the second quarter, as against 1.35 billion euros in losses at the same period last year. The company has notably benefitted from rising sales.


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