By Marcus Leach
Phillips, the Dutch lighting and consumer electronics group, have announced they will cut 4,500 jobs.
The announcement comes following a reported sharp fall in third-quarter profits as a result of lower margins, falling sales and a loss at its TV division.
Over the past seven months Phillips had issued two profit warnings, having seen net profit for the past three months down to €74m, when a year earlier profits for the same period had been €524m.
Further to that its share price has fallen 40% over the past year.
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