Philips axes 2,200 jobs to save €300m "The company has identified additional opportunities, among others in the healthcare and lighting sectors, to further decrease inefficiency and complexity," Philips said. "These additional structural saving opportunities of €300m will bring the overall savings programme from €800m to £1.1bn, to be completed by 2014," the company said. Frans van Houten, the Philips chief executive, told a teleconference that the company was "facing increasing headwinds due to the economy." "Basically across the world we see uncertainty, basically we see our business notably slow down in China and in Europe," he added. The company, which employs around 122,000 people globally, is known for its televisions, small appliances and light bulbs, but has begun to develop its activities in the medical equipment sector.