Philips said to plan medical job cuts

February 28, 1996

Philips Electronics NV of the Netherlands is planning job cutsfor its Philips Medical Systems International BV unit, accordingto wire service reports. The job cuts could total in the hundredsacross Philips Medical's 9500-strong global work force,

Philips Electronics NV of the Netherlands is planning job cutsfor its Philips Medical Systems International BV unit, accordingto wire service reports. The job cuts could total in the hundredsacross Philips Medical's 9500-strong global work force, accordingto Reuters.

Philips Medical has been hit hard by cuts in healthcare budgetsand by the erosion in capital equipment prices. Currency fluctuationshave further eaten into the subsidiary's profit margins. The restructuringplans should be completed by May, Reuters said.