Phillips to cut 2,200 jobs

AMSTERDAM—Royal Philips Electronics NV, the world’s largest maker of lights, plans to cut 2,200 jobs by 2014 to save C300 million ($383 million) per year.

Saving money will reduce “the effects of macro-economic headwinds and changes in pension cost accounting” said Philips CEO Frans van Houten, who says the job losses are “regrettable.”

The move, called “additional structural saving opportunities” in the release, is part of Phillips’ Accelerate! transformation program, which has resulted in EUR 1.1 billion of overall cost savings.