6000 jobs lost at Philips
Philips Electronics is to shed 6000 jobs after the announcement that it has made a net loss of £1.4billion in the last quarter of 2008.
Europe’s largest electronics consumer group said that it would also freeze its share buyback programme.
Gerald Kleisterlee, president and ceo of Royal Philips Electronics, explained that falling consumer demand had particularly affected Philips’ Consumer Lifestyle division and OEM lighting businesses. Kleisterlee said: “Our fourth quarter results are a reflection of the severe impact of the global financial and economic crisis and the decisive actions taken by management.”
Despite the overall loss, the company attained a 9% growth in sales in its healthcare products. Kleisterlee added that he was confident the restructure would help Philips focus and succeed in building the company into the ‘leading brand in health and well being.”
