Electronics Production | January 26, 2009
Philips to reduce - 6 000 jobs worldwide
Electronics giant Philips Electronics plan to reduce staff numbers by 6 000 worldwide this year.
The reason for the reductions is due to the current economic outlook. Philips believes that this year will be very challenging. Net quarterly loss of EUR 1.5 billion includes EUR 1.3 billion of non-cash value adjustments and EUR 150 million of year-end tax adjustments. Similar results the previous year was a profit of 1.4 billion. The loss is the first in several years for the company and it has been caused by problems at the screen manufacturer LG Display and the semiconductor manufacturer NXP, said YLE. However Healthcare section showed strong Q4 sales growth of 9% and improved earnings.