Friday, November 21, 2008

Philips Healthcare cuts 100 workers in Andover

By Mass High Tech Staff

Philips Healthcare, a division of Royal Philips Electronics NV (NYSE: PHG), will lay off 100 employees at its Andover headquarters, according to published reports.

The local layoffs are part of a global restructuring that will shave 1,600 jobs at the company, reported the Lawrence Eagle-Tribune Friday morning.

A company official said the layoffs are intended to eliminate layers of management to facilitate more nimble decision making within the organization. They were not necessarily linked to the global recession, the official said.

Royal Philips Electronics today announced the acquisition of Indian X-ray systems manufacturer Meditronics. The company, bought for undisclosed terms, will become part of the Philips Healthcare division.

In the third quarter of 2008, Philips reported net income of $479 million dollars, including a 5 percent increase in sales for its health-care division.