Mon, 27 Mar 2023

THE HAGUE, Jan. 30 (Xinhua) -- Dutch health technology company Philips announced on Monday it will slash 6,000 jobs worldwide by 2025, with 3,000 of these jobs set to go in 2023.

The new round of layoffs follows 4,000 job losses globally in October 2022.

Philips, which employs around 77,000 people, suffered losses of 1.53 billion euros (1.66 billion U.S. dollars) in 2022. Meanwhile, the company generated total sales of 17.8 billion euros last year.

Philips CEO Roy Jakobs said that due to significant operational challenges, the company is not extracting the full value of its businesses.

However, he added that the job cuts would "put Philips on a progressive path to value creation with sustainable impact, to achieve mid-single-digit comparable sales growth."

It is expected that the hardest blows will fall at the head office in Amsterdam, and in the city of Best in the province of North Brabant, where the company's innovation center is located.

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