Dutch health technology company, Philips, has said on Monday that it will scrap 6,000 jobs to restore its profitability following a recall of respiratory devices that knocked off 70% of its market value, Reuters reports.
Dutch health technology company, Philips, said on Monday that it will scrap 6,000 jobs to restore its profitability following a recall of respiratory devices that knocked off 70% of its market value, Reuters reports.
The reduced workforce should lead to a low-teens profit margin, as measured by adjusted Earnings Before Interest, Taxes and Amortisation, by 2025, and a mid-to-high-teens margin beyond that year, with mid-single-digit comparable sales growth throughout. The company will continue to invest 9% of sales in research and development, but will focus on “fewer, better resourced, and more impactful projects,” he said.Amsterdam-based Philips also reported fourth-quarter adjusted EBITA of 651 million euros , nearly stable from 647 million euros a year before.
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