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Philips cutting 100 staff
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scotty
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29-Dec-2008 19:02
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Philips to cut around 100 staff in S'pore December 29, 2008, 5.55 pm (Singapore time) SINGAPORE - Dutch electronics firm Philips is cutting 5 per cent of staff at its consumer lifestyle business in Singapore, or nearly 100 people, due to a restructuring of its global operations, the company said on Monday. Some job losses will also take place in Hong Kong, Philips spokesman Lim Bee Hong said in a statement. Ms Lim said the job losses stem from the Dutch firm's decision to focus on three instead of five product categories within its audio, video and multi-media unit. Earlier this month Philips said it will restructure its businesses to cope with a worsening economic environment. The world's biggest lighting maker and Europe's biggest consumer electronics producer said tougher markets, including construction and automotive, will make it harder for it to meet mid-term profit targets. The comments follow similar warnings from rivals Sony, Sharp Corp and Panasonic. -- REUTERS |
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