Earlier this month Philips said it will restructure its businesses to cope with a worsening economic environment. -- ST PHOTO: ALBERT SIM
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. -- THOMSON REUTERS
