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More layoffs, Philips to cut 1,600 healthcare jobs

Nov 24, 2008 01:20 AM IST Business Business

New Delhi: There seems to be no let-up in lay-offs. The latest in nad news on the economic front is the announcement by Dutch electronics giant Philips which is cutting about five per cent of its 32,000 strong workforce in the medical division worldwide.

This will affect 1,600 workers, most of them in the US.

The move to lay off employees is part of the company's measures to maintain profit levels despite the downturn in the global economy.

Philips had reported net income of 357 million euros in the third quarter of this year, which is 7.8 per cent higher than in the previous quarter.

Earlier, regional newspaper Eindhovens Dagblad in Amsterdam also quoted a company spokesman confirming the job cuts, but he declined to reveal where and how the layoffs will be made, reports Reuters.

(With inputs from Reuters)