Philips Announces 2200 Layoffs


Royal Philips Electronics NV (PHIA) said it will eliminate 2,200 additional jobs to wring an extra 300 million euros ($383 million) in savings from the world’s largest lighting company as economic conditions deteriorate.

The measures, designed to address inefficiency in the health-care and lighting divisions, bring the cost-cutting target to 1.1 billion euros by 2014, Amsterdam-based Philips said today.

Read more at Bloomberg.