Dutch lighting company to axe 700 jobs

AMSTERDAM, Jan 28 (Reuters) - Signify NV plans to cut 700 jobs out of its global workforce of about 37,000, the world’s biggest lighting company said on Thursday.

The Dutch company, previously Phillips Lighting, had avoided cuts in 2020 but the duration of the coronavirus crisis meant it does not expect the market to fully recover to 2019 levels until 2023 and is acting accordingly to adjust its cost base, a spokesman said.

Signify said the cuts include 250 jobs in the Netherlands and 135 at its Mississippi operation in the United States, plus others at support departments around the globe.

The company is due to report fourth-quarter earnings on Jan. 29. In October it reported third-quarter net profit of 90 million euros ($109 million), up from 74 million euros for the same period in 2019. ($1 = 0.8259 euros) (Reporting by Toby Sterling Editing by David Goodman)