Philips says no layoffs needed to reach 2010 target

AMSTERDAM, Sept 10 (Reuters) - Dutch Philips Electronics (PHG.AS: Quote, Profile, Research)(PHG.N: Quote, Profile, Research) said on Monday it will not layoff any workers in order to reach its new target of doubling earnings before interest, taxes and amortisation per share by 2010 from 2007. "There will be no forced redundancies because we believe with the normal turnover that we have ... that we all can do that in a natural way," Philips Chief Executive Gerard Kleisterlee told reporters in a conference call.

Philips announced earlier on Monday that is reorganising into three units focussing on healthcare, lighting and consumer lifestyle, which would cut costs by 150 million to 200 million euros ($205-$274 million).

((Reporting by Gilbert Kreijger; gilbert.kreijger@reuters.com; Reuters Messaging: gilbert.kreijger.reuters.com@reuters.net; +31 20 504 5007))

($1=.7305 Euro) Keywords: PHILIPS/JOBS

(C) Reuters 2007. All rights reserved. Republication or redistribution ofReuters content, including by caching, framing or similar means, is expresslyprohibited without the prior written consent of Reuters. Reuters and the Reuterssphere logo are registered trademarks and trademarks of the Reuters group ofcompanies around the world.nWEB7391


Source : www.reuters.com


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