Royal Philips Electronics N.V. (PHG) to Cut 4,500 Jobs as Profits Plunge
10/19/2011 9:16:02 AM
Royal Philips Electronics posted sales growth in its health care segment for the third quarter Monday, even as overall profits plunged. The company also announced it had a "next-generation PACS system" lined up for launch this year. The Dutch electronics giant, and the biggest light bulb seller in the world, said income fell a whopping 85 percent, from 524 million euros, or 55 cents per share, in third quarter 2010, to 76 million euros, or 8 cents per share, in the third quarter this year. The company also said it was moving forward on a massive restructuring plan that would result in 800 million euros in savings, more than half of which comes at the cost of 4,500 jobs, 1,400 from offices on its home turf, the Netherlands.