AMSTERDAM (Reuters) – Dutch medical equipment maker Philips said on Monday it expected to scrap around 4,000 jobs as it tried to streamline its organization in the wake of a massive recall that has slashed around 70% off its market value in the past year.
The company said it expected the reorganization to cost around 300 million euros ($295.41 million) in the coming quarters.
($1 = 1.0155 euros)
(Reporting by Charlotte Van Campenhout; Editing by Kim Coghill)
