March 29, 2024 06:54 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
PM Modi has mastered art of manipulating democracy, hurting Constitution: Mallikarjun Kharge | Mafia-turned-politician Mukhtar Ansari dies of cardiac arrest at 63 | NIA arrests key conspirator in Bengaluru cafe blast case | Actor Govinda returns to politics after 14 years of 'vanvas', joins Eknath Shinde camp | 'To browbeat and bully others is vintage Congress culture': PM posts after 600 lawyers write to CJI
Philips to scrap 6,000 jobs in its bid to improve profitability Philips
Wikipedia Commons

Philips to scrap 6,000 jobs in its bid to improve profitability

India Blooms News Service | @indiablooms | 30 Jan 2023, 03:05 pm

Amsterdam:  Dutch health technology company Philips on Monday said it will scrap 6000 jobs to restore the company's profitability, media reports said.

The company's recent decision to recall respiratory devices knocked off 70 percent of its market value.

Half of the job cuts will be made this year, the company said, adding that the other half will be realized by 2025, reports CNBC.

New Chief Executive Officer Roy Jakobs told CNBC’s “Squawk Box Europe” on Monday it was a “necessary intervention to help us to become competitive and lean in the way we go forward in the market.”

“We have been working very hard to refocus on health technology, and we have now built a very strong portfolio there where we have 70% of number one or two positions,” he also told CNBC.

“But we have not been extracting the value out of those segments because we did not execute well. So the strategy I present today is very much focused on organic growth, focusing on the portfolio that we have and getting the most out of them.”

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.