Electronics group Philips on Tuesday announced an increase in its cost-saving programme to €800m, up from the €500m originally planned.

Philips said in July it was looking for €500m savings by 2014 by cutting bureaucracy and overheads. Details have now been worked out and the company says it has found an additional €300m savings.
CEO Frans van Houten did not say if or how many jobs would be lost but he did emphasise that savings would not be made at the cost of Philips’ core activities.