Philips to cut 2,200 more jobs by 2014

AMSTERDAM (AP) ? Royal Philips Electronics NV, the largest maker of lights, said Tuesday it plans to cut another 2,200 jobs by 2014 to save ?300 million ($383 million) a year.

The company had already planned 4,500 cuts for 2011-2014. The company employed 122,000 at the end of 2011.

Philips Chief Executive Officer Frans van Houten said in a statement that saving money will lessen "the effects of macro-economic headwinds and changes in pension cost accounting."

At an analysts' conference in London, Van Houten called the job losses "regrettable."

The job cuts will fall at the company's lighting and health care divisions, and the bulk will come this year.

As a result, Van Houten said he expected the company will take restructuring charges of ?210 million in 2012, rather than ?125 million earlier forecast.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-09-11-Netherlands-Philips-1st%20Ld-Writethru/id-d3db36a1469a4220b73d12cbad78e7b7

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