Philips to cut 2,200 jobs by 2014
Tuesday - 9/11/2012, 2:21am ET
AMSTERDAM (AP) - Royal Philips Electronics NV, the largest maker of lights, says it plans to cut 2,200 jobs by 2014 to save (EURO)300 million ($383 million) per year.
Saving money will lessen "the effects of macro-economic headwinds and changes in pension cost accounting" said Philips Chief Executive Officer Frans van Houten in a statement.
The company says it plans a fuller explanation at a press conference later Tuesday. Van Houten calls the job losses "regrettable."
The job cuts will fall at the company's lighting and health care divisions.
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