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Thursday 24 April 2014
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Amsterdam, Deutschland.- Philips Electronics informed last Monday that they will cut down 4,500 jobs after reporting an 85% collapse in their net profit in the third quarter, due to higher costs for both, restructure and raw materials.
The Dutch group—the largest lighting manufacturer in the world, one of the three most important in hospital equipment and the largest European producer of consumer electronics – said that they are also considering some alternative option for their TV sets unit.
The company added that negotiations with the Hong-Kong based firm, TVP, to sell the largest portion of their TV business are intense and constructive, but are taking longer than expected.
“In case a final agreement were not reached, Philips will consider alternative options”, Frans Van Houten, Executive President, said in a press release last Monday.
Philips will cut down 4,500 jobs as part of an €800 million cost reduction plan to increase profit and meet their financial objectives.
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