Philips to shed 2,200 jobs for restructuring

THE HAGUE (AFP) - Philips said on Tuesday it would shed 2,200 jobs globally as part of its restructuring programme in a move to save the Dutch electronics giant an additional €300 million  (S$473 million).

"The company has identified additional opportunities, among others in the healthcare and lighting sectors, to further decrease inefficiency and complexity," Philips said in a statement.

"These additional structural saving opportunities of €300 million will bring the overall savings programme from €800 million to €1.1 billion, to be completed by 2014," the company said.

The new job losses come on top of the 4,500 announced in Oct, bringing the total to 6,700.