Philips to lay off 450 staff

31st March 2004, Comments 0 comments

31 March 2004, AMSTERDAM — Dutch electronics giant Philips announced Wednesday it is to cut a minimum of 450 staff in the Netherlands and it did not rule out compulsory redundancies.

31 March 2004

AMSTERDAM — Dutch electronics giant Philips announced Wednesday it is to cut a minimum of 450 staff in the Netherlands and it did not rule out compulsory redundancies.

The company said 350 jobs would go at its semi-conductor unit in Nijmegen and another 100 at its projector factory in Philip's hometown Eindhoven.

Philips said competition from the LCD and plasma screens would shortly cut into the profitability of its projector production activities in Eindhoven.

But for the moment, the company anticipates further growth in projector sales in both the business and consumer markets, newspaper De Volkskrant reported.

Trade unions at Philips reacted sharply to the news of the lay offs and demanded a meeting with management about the future employment prospects of the company's Dutch workforce.

[Copyright Expatica News 2004]

Subject: Dutch news + Philips Electronics

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