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Philips logo on its office building in Shanghai, China, April 15, 2020. /CFP
Dutch health technology company Philips will scrap another 6,000 jobs worldwide as it tries to restore its profitability and improve the safety of its products following a recall of respiratory devices that knocked 70 percent off its market value.
Chief Executive Roy Jakobs announced the "difficult, but necessary further reduction of our workforce" by 2025, which comes just three months after it announced another 4,000 cuts.
The new reorganization brings the total amount of job cuts to 13 percent of Philips' current workforce.
It also adds to the string of technology-based firms making layoffs, after companies including Alphabet's Google, Microsoft, Amazon and German software maker SAP announced thousands of layoffs to cut costs as they brace for tougher economic conditions.
Jakobs took over the reins of the company last October, as Philips continued to grapple with the fallout from the recall of millions of ventilators used to treat sleep apnoea over worries that foam used in the machines could become toxic.
The Amsterdam-based firm unveiled net losses of 105 million euros ($114 million) for the fourth quarter of 2022 and 1.6 billion euros for last year as a whole, primarily due to the recall.
(With input from Reuters, AFP)
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Disinformation report hotline: 010-85061466