Philips to cut an extra 2,200 jobs

Philips said the savings made from the restructure would rise to 1.1 billion euros from a previously announced 800 million euros. The additional changes, part of a previously announced program the company calls Accelerate!, will mostly be made in the Healthcare and Lighting sectors. Last year the company announced the planned reduction of 4500 jobs worldwide as part of the Accelerate! program. The cuts are to be completed by 2014. “The additional savings will lead to job losses, which is regrettable. At the same time, 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,” said Philips Chief Executive Officer Frans van Houten.