Philips Electronics to axe 4,500 worldwide

Philips Electronics said it will cut 4,500 jobs worldwide as it reported an 85-per-cent slump in third-quarter net profit on higher restructuring and raw material costs.

The firm today reported third-quarter net profit of €76 million, down from €524 million a year ago on sales of €5.394 billion, down from €5.46 billion.

Philips - the world's biggest lighting maker, a top three hospital equipment maker, and Europe's biggest consumer electronics producer - also said it is considering alternative options for its TV unit.

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