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Philips to Cut 6,000 Jobs

26 Jan, 2009 By: Chris Tribbey


After announcing Jan. 26 a loss of $1.9 billion during the fourth quarter of 2008 — its first quarterly loss in five years — electronics manufacturer Philips announced it would cut 6,000 jobs.

“Our fourth-quarter results are a reflection of both the severe impact of the global financial and economic crisis and the decisive actions taken by management,” said CEO and president Gerard Kleisterlee, in a press release.

Philips saw its net sales drop to $10 billion in the fourth quarter, down $1 billion from the same period in 2007.

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