Dutch consumer electronics group Philips has announced that it will be slashing 4,500 jobs as profits continue to fall.
Philips currently employs 116,000 people around the globe including 2,200 in the UK. Philips is Europe’s largest consumer electronics firm however it has struggled in 2011 reporting an 85% decline in third quarter net profit to €74m, from €524m a year earlier. Frans van Houten, chief executive of Philips, commented: “We are not yet satisfied…
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