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After a recall of medical equipment, Philips will lay off 4,000 workers By Stocksak


© Stocksak. FILE PHOTO – The logo of Dutch technology company Philips can be seen at its headquarters in Amsterdam, Netherlands on January 29, 2019. REUTERS/Eva Plevier

AMSTERDAM (Stocksak), Monday, Philips, a Dutch medical equipment manufacturer, said it would eliminate around 4,000 jobs in its attempt to streamline its organization following a massive recall that has reduced its market value by around 70% in the past year.

According to the company, the reorganization will cost approximately 300 million euros ($295.41million) over the next quarters.

($1 = 1.0155 euros)

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