Philips Healthcare cuts 100 workers in Andover

By Mass High Tech Staff

OncoPep licenses cancer vaccine, moves to add $500K to Series A [February 13, 2012]

Oxford Immunotec taps Altieri as CFO [February 13, 2012]

SeraCare selling to Linden for $82M [February 13, 2012]

VBI Vaccines pulls in $2.2M debt round [February 13, 2012]

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.

Comments

If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.