Philips Electronics To Cut 4,500 Jobs

As part of its €800 million cost-cutting scheme aimed at boosting profits and meeting financial targets, Philips is looking at cutting down 4,500 jobs. It is being said that the company is also considering alternative options for its TV unit.

Philips said it is negotiating with Hong-Kong based TVP to sell off most of its TV business. The negotiations are reportedly on a positive road but are taking longer than expected.

“In case a final agreement cannot be reached, the company would consider its alternative options,” said Frans Van Houten, chief executive, Philips.

The company reported third-quarter net profit of €76 million, which is down from €524 million a year ago on sales of €5.394 billion, down from €5.46 billion, in October.