Philips cuts 1,400 jobs in Netherlands

17th October 2011, Comments 0 comments

About 4,500 jobs - 1,400 of them in the Netherlands - will be lost as the result of cuts announced by Dutch consumer electronics giant Philips earlier this year.

The FNV trade federation says this amounts to 10 percent of Philips staff in the Netherlands. FNV says it will be several months before Dutch Philips employees know whether they will keep or lose their jobs.

CEO Frans van Houten called the dismissals regrettable, but said they were inevitable to make Philips “agile and competitive." Mr Van Houten said he was still not satisfied about the performance of his company, but did not foresee any material improvement in the near future.

Philips reported a 76-million-euro profit over the past quarter, compared to 524 million in the same period last year. Turnover fell by 66 million euros to 5.394 billion euros.

© Radio Netherlands Worldwide

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