Business restructuring Philips will lay off 100 people in Singapore


Philips, the Dutch appliance manufacturer, said on Monday that it would reduce its employees in the Singapore life appliance business by 5% or about 100 as one of the measures to restructure its global business.

Spokesperson LimBee Hong said in a statement that Hong Kong, China may also face layoffs. Lim said the layoffs were due to the company's decision to focus its operations on three product categories in the audiovisual, television and multimedia sectors, rather than the five previously mentioned.

Earlier, Philips said it would adjust its business structure to cope with the deteriorating economic environment. Philips said the construction and automotive markets are more difficult, making it even more difficult for companies to meet medium-term profit targets.

It is understood that Philips is the world's largest manufacturer of lighting equipment and the largest consumer electronics manufacturer in Europe.

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