Philips plans to lay off 6000 employees!

The Dutch company Philips, which specializes in health technology, said on Monday, January 30, that it will cut 6,000 jobs to restore its profitability after withdrawing respirators that stopped 70% of their market value.

The company said half of the job cuts will take place this year, while the other half will take place by 2025.

The new reorganization comes on top of a plan announced last October to reduce the workforce by 5%, or 4,000 employees, as the company grapples with the fallout from recalling millions of ventilators used to treat sleep apnea over concerns that the foam used in these machines could become toxic.