Philips cuts 6000 jobs

chris

Day by day the economic news from the world’s leading electronics companies gets worse and worse. Latest business to report massive losses, and job cuts, is Dutch giant Philips.

Philips is Europe’s biggest electronics company, and Jan 26 saw it cut 6,000 jobs in an attempt to curb losses of a staggering £1.4bn (€1.5bn) for the final quarter-year of 2008.

Philips chief executive Gerard Kleisterlee told investors that it had written off €1.3bn of assets as the recession deepened. He also reported falling demand (save for the company’s healthcare division) and said the final quarter figures reflected "both the severe impact of the global financial and economic crisis and the decisive actions taken by management."

The group is taking out a further €400m of costs annually. "The development of our quarterly results reflects the unprecedented speed and ferocity with which the economy softened in 2008," he said.


Source:RapidTVNews