Huffpost Technology

Philips: Job Cuts Up By 2,200 As Company Tries To Save 1.1 Billion Euros

Posted: Updated:
PHILIPS JOB CUTS
Getty Images


AMSTERDAM (Reuters) - Philips Electronics raised its cost-cutting target to 1.1 billion euros and said it would axe a further 2,200 jobs as it battles a tough economic backdrop and pension costs.

The group, which had previously targeted 800 million euros of cost savings, announced the plan on Tuesday ahead of an investor event in London.

Last year it announced 4,500 job cuts.

"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," said chief executive Frans van Houten.

(Reporting by Roberta Cowan; Editing by Mark Potter)

Earlier on HuffPost:

Suggest a correction

Around the Web

Philips ups cost cuts to 1.1 billion euros, axes more jobs - Yahoo ...

Philips to Cut 2,200 More Jobs by 2014 - ABC News

Philips steps up cost cuts and job losses | Reuters

Philips Chief Cuts Additional 2,200 Jobs as Economy Worsens ...

UK fears over hi-tech job cuts | Mail Online

BBC News - Philips Electronics cuts another 2,200 jobs

Philips to axe 2,200 jobs; ups cost cuts to 1.1 billion euros - The ...

Philips to cut 2200 more jobs by 2014

Philips axes further 2200 jobs by 2014

From Our Partners