Philips to cut 2,200 jobs by 2014

AMSTERDAM (AP) ? Royal Philips Electronics NV, the largest maker of lights, says it plans to cut 2,200 jobs by 2014 to save ?300 million ($383 million) per year.

Saving money will lessen "the effects of macro-economic headwinds and changes in pension cost accounting" said Philips Chief Executive Officer Frans van Houten in a statement.

The company says it plans a fuller explanation at a press conference later Tuesday. Van Houten calls the job losses "regrettable."

The job cuts will fall at the company's lighting and health care divisions.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-09-11-Netherlands-Philips/id-abcb79dbaff54ca78b58af2f56081c2b

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