Philips turns out the light
12 April 2012
ELECTRONICS multi-national Philips will cut 430 jobs at four plants in its lighting division, doubling the number of fresh cuts announced this year as the Dutch firm seeks to return to profitability.
Most of the jobs will be lost as the company shifts production of some lower-end lighting products from Holland to Poland, a Philips spokesman said.
Philips, which posted a record loss of e2.6bn (£1.6bn) in 2001, had already announced 12,000 job cuts last year as demand for semiconductors, computer components and consumer electronics dropped sharply. Since January, the company has said it would cut another 860 jobs.
Chief Executive Gerard Kleisterlee has forecast Philips would post a profit this year as a result of aggressive cost-cutting.
