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 - Manufacture of electrical equipment
4,500 jobs Number of planned job losses
Announcement Date
17 October 2011
Employment effect (start)
1 November 2011
Foreseen end date
31 October 2013
Description
On 17 October 2011, multinational Dutch electronics company Philips announced that it will cut 4,500 jobs worldwide in the coming two years. Some 1,400 jobs will be cut in the Netherlands alone. The cuts are part of the Philips' measures to stay competitive and improve the efficiency of operations, according to CEO Frans van Houten. Both operational results and profits have declined recently, with the divisions Consumer Lifestyle and Lighting showing especially declining revenues.
Sources
18 October 2011: NRC Handelsblad
18 October 2011: Het Financieele Dagblad
Citation
Eurofound (2011), Philips, Internal restructuring in World, factsheet number 72590, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72590.
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