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The company plans to eliminate another 6,000 positions worldwide to restore its profit margins and increase the product's safety following the Recall of respirators that wiped off 70 per cent of its value.
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The majority of job cuts are expected to be completed in the coming year.
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The company announced on Monday, adding the rest will be realized in 2025.
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The new restructuring will bring the number of job reductions announced by the new CEO Roy Jakobs in recent months to around 10,000, which is 13 per cent of Philips workforce.
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It's also a part of the growing number of tech-based companies that have announced layoffs after Google's Alphabet, Microsoft, Amazon, and SAP announced thousands of layoffs to reduce costs in preparation for tougher economic times.
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Philips shares rose 5.5 per cent thanks to fourth-quarter earnings that were higher than expected.
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