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.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
Meet the newest liligers - mom's a liger and dad's a lion. (Photos)
The U. of Oregon is cracking down on a fan favorite.
The pope invited a teen with Down Syndrome up to his car for a spin.
What can happen to you when you don't get enough sleep.