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November 4, 1993

…AND PHILIPS WILL CUT 1,250 MORE JOBS IN GERMANY

By CBR Staff Writer

And Philips Electronics NV is slashing its workforce at its German subsidiary, Philips Kommunikations Industrie AG by early next year, saying that it will declare 1,250, 23%, of the 5,500-strong workforce redundant, and transfer another 300 to other Philips businesses in Germany. The company is described as top-heavy, and in need of downsizing to bring it in line with its markets – there has been a sharp reduction of orders at Deutsche Bundespost Telekom. About 12,000 jobs are expected to go all told at Philips this year, with 8,000 people already departed.

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