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December 30, 2008

Philips to lay off 100 staff in Singapore
Dutch electronics firm Philips is cutting 5 percent of staff at its consumer lifestyle business in Singapore, or nearly 100 people, due to a restructuring of its global operations, Reuters quoted the company as saying Monday.

Some job losses will also take place in Hong Kong, Philips spokeswoman Lim Bee Hong said in a statement.

Lim said the job losses stem from the Dutch firm's decision to focus on three instead of five product categories within its audio, video and multi-media unit.

Earlier this month Philips said it will restructure its businesses to cope with a worsening economic environment.

The world's biggest lighting maker and Europe's biggest consumer electronics producer said tougher markets, including construction and automotive, will make it harder for it to meet mid-term profit targets.

The comments follow similar warnings from rivals Sony , Sharp Corp and Panasonic .

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