Philips Electronics Lay off Job Cut: fires 1600 employees

The bad news of layoffs have started coming in from all corners of the world. THe latest one to add to the list is the Netherlands or Holland Based electronics giant Philips Electronics which is going to go for a big Lay off or job cut, as it will fire 1600 employees.
How many employees will be affected in the Philips Electronics Lay off Job Cut
Around 5% of the employee strength will be asked to go. That means around 1600 employees will be laid off by Philips.

Which sectors will get affected in the Philips Electronics Lay off Job Cut
The sector which will see the lay off is the Medical division sector.

Which regions of the world will be affected by the Philips Electronics Lay off Job Cut
The lay offs will happen on global basis. As per the news, Most of the medical division employees are based in the United States "but this does not mean that workers will lose jobs where they are most in numbers."

What are the latest financial results of Philips Electronics?
Philips reported net income of 357 million euros in the third quarter of this year, 7.8 percent higher than the previous quarter, and sales of 6.3 billion. But then, it was the economic slowdown which has been bugging the industry since the begining of 2008, and that is what is leading to lay offs.

Let's hope that alternative jobs are available to the affected employees of Philips Electronics Lay off Job Cut.