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)

News Source and Credit

Stocksak Editorial

We are a financial blog that covers topics such as investing, saving, spending, and earning more money. Please feel free to peruse our site and read any of the articles that catch your interest.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button