The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Computer, Electrical Electronic And Optical Products Manufacture Of Electrical Equipment 27.4 - Manufacture of electric lighting equipment
250 jobs Number of planned job losses
Announcement Date
28 January 2021
Employment effect (start)
Foreseen end date
Description
The Dutch lighting company Signify is to cut around 10% of the jobs in the Netherlands. Totally, the Eindhoven head office and the Amsterdam branch will lose 250 jobs.
Signify aims to structurally reduce costs because of the shrink in customers' investment in lighting systems, as a consequence of the COVID-19 pandemic. Job losses involve support functions, in particular, the human resources department, but also places in the research department will also be cancelled (60 employees).
The company does not expect to be back on sales before the corona outbreak until 2023. Unions said they were aware of the layoffs, although the blow was equally severe. Furthermore, the unions think it is an attempt by management to get rid of the old Philips structure.
In the coming years, customers are expected to invest less in lighting for offices, hotels and retail properties. 2020 registered a 13% drop in turnover. For this reason, Signify is to cut 700 employees worldwide. Signify is the former lighting division of Philips and became an independent company in 2016. In 2018, its name was changed from Philips Lighting to Signify. In 2019, the company posted sales of €6.2 billion worldwide with 37,000 employees.
Eurofound (2021), Signify, Internal restructuring in Netherlands, factsheet number 103343, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/103343.
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