Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

South Sudan: President Salva Kiir names new vice president

Read more

MEDIAWATCH

Leaked emails overshadow Democratic convention

Read more

ENCORE!

Music show: hot hits for the summer season

Read more

FOCUS

Canada: Religious sponsorship of refugees creates controversy

Read more

BUSINESS DAILY

Verizon set to buy Yahoo's internet business

Read more

IN THE PAPERS

As Democrats gather, Russian subplot sparks intrigue

Read more

IN THE PAPERS

Bernard Cazeneuve, the political punching bag

Read more

THE INTERVIEW

Erdogan to rid Turkish institutions of ‘separatist cancer’ after coup attempt

Read more

ENCORE!

The best of summer music festivals in France

Read more

Business

Philips to lay off 1,600 employees

Text by AFP

Latest update : 2008-11-22

Electronics giant Philips will dismiss 1,600 employees worldwide, about five percent of its medical division, to maintain profit levels despite a sluggish economy.

Dutch electronics giant Philips will cut "about five percent" of its 32,000 strong workforce in the medical division worldwide, affecting 1,600 workers, a company spokesman told AFP Saturday.
  
"In this sector, about five percent of all workers will be laid off. There are a total of 32,000 employees in this division so that means 1,600 jobs will be lost," said Arent Jan Hesselink.
  
"We want to take all possible measures despite the sluggish economic scenario at present to maintain our profit levels and even improve them if possible," he said.
  
Most of the medical division employees are based in the United States "but this does not mean that workers will lose jobs where they are most in numbers."
  
Hesselink said the company wanted to be "as best prepared to face the effects of reduced economic growth or even recession, which many people are predicting will follow soon.
  
"The next step will be for us to see what eventually happens and when. We then have to negotiate with the people."
  
Philips head Gerard Kleisterlee said earlier this month: "Given the limited scope of the present economic scenario we have taken certain measures to maintain our profits."
  
Philips reported net income of 357 million euros in the third quarter of this year, 7.8 percent higher than the previous quarter, and sales of 6.3 billion.
  

Date created : 2008-11-22

COMMENT(S)