EMCC European Monitoring Centre on Change

Philips

Company/Organisation:
Philips

Geographic Location

Country: World

Company

Sector: Manufacturing
Manufacture of electrical equipment
27 - Manufacture of electrical equipment
Number Employed: 102580

Employment Effects

Announcement Date: 17-10-2011
Planned Job Reductions min: 4500
Planned Job Reductions max: 4500
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-11-2011
Foreseen End Date: 31-10-2013

Additional Information

On 17 October 2011, multinational Dutch electronics company Philips announced that it will cut 4,500 jobs worldwide in the coming two years. Some 1,400 jobs will be cut in the Netherlands alone. The cuts are part of the Philips' measures to stay competitive and improve the efficiency of operations, according to CEO Frans van Houten. Both operational results and profits have declined recently, with the divisions Consumer Lifestyle and Lighting showing especially declining revenues.