Philips Announces Job Cuts at Belgian Lighting Facility

Philips is set to implement significant job cuts at its lighting factory in Turnhout, Belgium, as it responds to declining demand for conventional lamps amid the growing popularity of LED technology. The company will eliminate an additional 218 jobs, following an earlier reduction of 136 positions announced in June, as part of a broader company initiative to streamline operations, expected to involve a total of 6,700 job reductions and aim for 1.1 billion euros in savings. Despite these cuts, Philips reported a 51 percent increase in sales of LED products in the third quarter, which now account for 24 percent of its total lighting sales, with expectations that they will rise to 50 percent by 2015. Additionally, the company plans to relocate two production lines to Shanghai to further enhance cost efficiencies.

Philips Announces Job Cuts at Belgian Lighting Facility

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