AMSTERDAM, Oct 17 ? Philips Electronics said it will cut 4,500 jobs as it reported an 85 percent slump in third-quarter net profit on higher restructuring and raw material costs.
Philips -- the world's biggest lighting maker, a top three hospital equipment maker, and Europe's biggest consumer electronics producer -- also said it is considering alternative options for its TV unit.
The company added that negotiations with Hong-Kong based TVP to sell off most of its TV business are intense and constructive and taking longer than expected.
"For the eventuality that a final agreement cannot be reached, Philips will consider its alternative options," said Frans van Houten, chief executive in a statement on Monday.
Philips will aim to cut 4,500 jobs as part of an 800 million euros cost cutting scheme to boost profits and meet its financial targets.
On Monday the firm reported third-quarter net profit of 76 million euros, down from 524 million euros a year ago on sales of 5.394 billion euros, down from 5.46 billion euros.
Analysts in a Reuters-commissioned poll had expected third-quarter net profit of 53.8 million euros on sales of 5.341 billion euros.
(Roberta B. Cowan)
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