Philips scraps 6,000 jobs in drive to improve profitability

FILE PHOTO: Logo of Dutch technology company Philips is seen at company headquarters in Amsterdam, Netherlands. REUTERS/Eva Plevier/File

AMSTERDAM: Dutch health technology company Philips said on Monday it would scrap 6,000 jobs to restore its profitability following a recall of respiratory devices that knocked off 70% of its market value.

Half of the job cuts will be made this year, the company said, adding that the other half will be realised by 2025.

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