Philips scraps 6,000 jobs in drive to improve profitability

of millions of ventilators used to treat sleep apnea over worries that foam used in the machines could become toxic.

The reduced workforce should lead to a low-teens profit margin by 2025, and a mid-to-high-teens margin beyond that year, with mid-single-digit comparable sales growth throughout.is not capitalizing on the full potential of strong market positions as it faces a number of significant operational challenges,” new Chief Executive Officer Roy Jakobs said.

The simplified organization should also improve patient safety and quality and supply chain reliability, he added.also reported fourth-quarter adjusted earnings before interest, taxes and amortization of 651 million euros , nearly stable from 647 million euros a year before. Analysts in a company-compiled poll on average had predicted core profit would drop to 428 million euros.

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