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published in Blogs
Oct 25, 2022
Philips (PHG, $12.90) to retrench more than 5% of its workforce

Philips (PHG, $12.90) to retrench more than 5% of its workforce

Philips announced its plan to lay off 4,000 workers, which is over five per cent of the tech company's workforce.  According to CEO Roy Jakobs, the move is intended to boost productivity and agility, (IANS reported), and to realize profitable growth potential and value creation for all the stakeholders.

Philips estimates that severance and termination-related costs to be approximately 300 million euros ($295 million).

The company reported a quarterly net loss of -1.33 billion euros (-$1.31 billion) compared with a profit of 2.97 billion euros in the year-ago quarter.

 

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