Eindhoven-based lighting company Signify said on Friday it plans to cut 1000 jobs across 30 markets worldwide, partly because of challenging market conditions. “Fewer than half” will be in the Netherlands, a spokesman told Dutch News

News of the job losses came as the company presented its 2023 earnings figures, which showed turnover of €6.7 billion, compared with €7.5 billion in 2022 and drop of almost 11%.

Net profit more than halved to €215 million, the company said.

Chief executive Eric Rondolat told reporters and investors the job cuts are unavoidable.”Our costs amounted to 31% of turnover at the end of 2023 and that is far too high,” he said.

The company said in December it wanted to save some €200 million a year through a reorganisation which will involve cutting the company into four divisions. Three will focus on customers and the fourth will be devoted to conventional lighting technology. At the time it was unclear how many jobs would be affected.

Signify has already undergone several small shake-ups in recent months, cutting jobs in the High Tech Campus and closing the former Philips factory in Maarheeze. Its global workforce currently stands at just under 32,000, down some 2,700 on the start of the year.

Note: This article was updated to reflect clarification on the job losses from the company.