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Philips to shed thousands of jobs

Wednesday October 19th 2011

Netherlands-based Philips, which employs several thousand staff in the UK, will axe 4,500 jobs after profits fell by nearly 50% this summer, it has emerged.

The lightbulbs-to-TV maker said 1,400 jobs will be cut in the Netherlands but it has not yet made clear where the other losses will occur.

It saw a 76% drop in underlying profits to 368 million euro (£322.7 million) in this year's third quarter and revenues dropped 1% to 5.4 billion euro (£4.7 billion).

Consumers have been spending less on items like lighting, shavers and blenders in recent times.

Philips' chief executive, Frans van Houten, said the job losses were regrettable but inevitable if the company is to become more agile and lean going forward.

Copyright © Press Association 2011

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