Philips To Cut 13% of Jobs in Safety and Profitability Drive

Dutch health technology company Philips will scrap another 6,000 jobs worldwide as it tries to restore its profitability and improve the safety of its products following a recall of respiratory devices that knocked off 70% of its market value. From a report: Half of the job cuts will be made this year, the company said on Monday, adding that the other half will be realised by 2025. The new reorganisation brings the total amount of job cuts announced by new Chief Executive Roy Jakobs in recent months to 10,000, or around 13% of Philips' current workforce.

Read more of this story at Slashdot.