NV Philips Announces Huge Layoffs: The Dutch...
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From Times Staff and Wire Reports
NV Philips Announces Huge Layoffs: The Dutch electronics giant said it will slash between 35,000 and 45,000 jobs, or 12% to 16% of its work force, as part of a drastic program to bolster profits and improve competitiveness. The company, long a pioneer in consumer and commercial electronics, also announced a loss for the third quarter and said it would pay no dividend this year. It said the job cuts would be made by the end of 1991. Philips employs about 286,000 worldwide.
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