Signify, the former lighting division of Philips and a prominent lamp manufacturer, is set to cut 1000 jobs this year, with nearly half of these cuts taking place in the Netherlands. The company is grappling with challenging market conditions, as reported by NOS.
Signify has announced that it will be eliminating over 1000 jobs globally as part of a restructuring plan expected to yield savings of around 200 million euros. In the Netherlands, where Signify has office staff, a research department, and a distribution centre, approximately 500 jobs will be lost. The last remaining production site in the Netherlands is set to close later this year.
Unions have expressed shock at the news, citing a lack of prior information. Signify has previously made job cuts in response to lower production and declining demand for traditional lamps. The current restructuring is focused on non-production-related expenses, including the company's headquarters in the Netherlands. The weak market in China and reduced demand for lamps are contributing to the challenges the company is facing.
Source: NOS
More information:
Signify
www.signify.com