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
500 jobs Number of planned job losses
Announcement Date
26 January 2024
Employment effect (start)
26 January 2024
Foreseen end date
31 December 2024
Description
Signify, a lighting company from the Netherlands, is cutting approximately 1000 jobs worldwide, of which 500 are to be cut in the Netherlands.
The job cuts will be spread over 30 countries in which Signify is located. The company aims to mainly cut non-production related expenses, which is part of a reorganisation that was announced earlier.
Signify faces a declining demand in Europe, the US, and Asia due to inflation and interest rate hikes. Despite increased sales to business customers, the overall improvement is offset by decreased revenues in horticulture and office building lighting. Additionally, the slow recovery of the Chinese economy, the company's second-largest market, remains a challenge, with unfavourable market conditions.
In the course of the last year, Signify already eliminated around 2,700 of its nearly 35,000 full-time positions.
Eurofound (2024), Signify, Internal restructuring in Netherlands, factsheet number 200733, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/200733.
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