Philips to scrap a further 2,200 jobs

Electronics group Philips on Tuesday announced it is to cut another 2,200 jobs, on top of the 4,500 announced in January.

The new wave of job losses is part of the company’s Accelerate cost savings programme and increases the planned cost reduction to &euro1.1bn, the company said.
In July Philips said savings generated by Accelerate stood at €176m and will reach €400m in the second half.
The jobs will go at Philips’ operations around the world, but Dutch unions have already called for more details, saying workers are living in uncertainty, news agency ANP reported.
The job losses are regrettable, Philips CEO Frans van Houten said a statement. But at the same time, he said, ‘we continue to invest in innovation and the customer value chain to speed up the introduction of meaningful innovations to our customers in local markets, making Philips more competitive.’
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