To round off the week, I would like to present you with some pretty tough news. It's a press release from Signify, the manufacturer of Philips Hue, which you can read here. In a nutshell, it's about restructuring and planned savings of 200 million euros per year.
The good news from our point of view is that the four business areas that Signify wants to focus on in future also include the consumer business area with the Philips Hue and WiZ brands.
However, there is also bad news for the employees, at least that's what I gather from the following quote from Signify CEO Eric Rondolat: jobs are to be cut:
Aligned to the new customer-centric structure, we will further adjust the size of our central organisation and reduce our costs to support the company's performance in the face of ongoing market volatility and uncertainty. Already started in Q4 2023, these changes will be implemented through 2024, with the majority achieved by Q2, and generating expected annualised savings in excess of €200 million.
These are Signify's four business units
- The Professional business will offer LED lamps, luminaires, connected lighting systems and services to customers in the professional segment.
- The Consumer business will offer LED lamps, luminaires, and connected products, including Philips Hue and WiZ, to customers in the consumer segment.
- The OEM business will offer lighting components to the industry.
- The Conventional business will offer special lighting, digital projection, conventional lamps and lamp electronics.
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