Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Royal Philips Electronics, one of the world leaders in electronics production, is to cut 6,000 jobs worldwide (affecting 5% of the total workforce) by August 2009. The restructuring is expected to result in a € 400 million reduction in costs. The job losses are attributed to the fall in demand for consumer electronics worldwide and lighting products in the US. Sales of the company declined to euro 7,623 million for the quarter under review, while the corresponding figure was euro 8,365 million for the same quarter last year. Royal Philips Electronics President and CEO Gerard Kleisterlee said "our fourth-quarter results are a reflection of both the severe impact of the global financial and economic crises and the decisive actions taken by management".
Philips is headquartered in the Netherlands; it employs around 121,000 employees in more than 60 countries worldwide.
Eurofound (2009), Royal Philips Electronics, Internal restructuring in World, factsheet number 67975, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/67975.
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