Philips to Cut Jobs in U.S., Europe

Philips to Cut Jobs in U.S., Europe
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Philips Electronics pans to cut 1,600 jobs in the U.S. and Europe and close several semiconductor factories. The idea is to bring the chip division back to profitability by Q4, according to the Wall Street Journal. In the U.S., Philips said it would close semiconductor factories in San Antonio and Albuquerque.


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MediaWeek reported the company cut positions in New York, Los Angeles, St. Louis, Chicago and Austin, Texas. Other employees had their hours reduced.