netherlands,
The famous Philips company from the Netherlands has established branches in about 100 countries around the world. About 80 thousand employees are working. In this case, Philips has announced that it is going to lay off 4000 employees from these companies.
Philips manufactures not only electronics but also various medical devices. But Philips’ respirators were found to be faulty and suffered heavy losses. Faulty equipment caused losses of around 1.3 billion euros in the third quarter.
In the third quarter, Philips’ performance and sales were hit hard by inflationary pressures, the coronavirus situation in China and the Russia-Ukraine war. Therefore, Philips CEO Roy Jacobs has announced that they have decided to lay off approximately 4,000 employees immediately.
“We are cutting about 4,000 employees to increase productivity and growth, a difficult but necessary decision,” the CEO said.