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Philips says no layoffs needed to reach 2010 target

Mon Sep 10, 2007 2:41am EDT

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AMSTERDAM, Sept 10 (Reuters) - Dutch Philips Electronics (PHG.AS)(PHG.N) said on Monday it will not layoff any workers in order to reach its new target of doubling earnings before interest, taxes and amortisation per share by 2010 from 2007. "There will be no forced redundancies because we believe with the normal turnover that we have ... that we all can do that in a natural way," Philips Chief Executive Gerard Kleisterlee told reporters in a conference call.

Philips announced earlier on Monday that is reorganising into three units focussing on healthcare, lighting and consumer lifestyle, which would cut costs by 150 million to 200 million euros ($205-$274 million).

((Reporting by Gilbert Kreijger; gilbert.kreijger@reuters.com; Reuters Messaging: gilbert.kreijger.reuters.com@reuters.net; +31 20 504 5007))

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