Posted 12/16/2023, 3:35:00 PM
Signify Restructures, Plans Job Cuts to Save $218M Amid Market Uncertainty, Focuses on Consumer Brands Like Philips Hue
- Signify, the company behind Philips Hue, is restructuring and planning job cuts amid "market uncertainty"
- Restructuring aims to create a more "customer-centric" structure and save around $218 million
- Four new business units Professional, Consumer (including Philips Hue), OEM, and Conventional
- Primary focus appears to be the Consumer unit with Philips Hue and WiZ brands
- Restructuring changes have begun and are expected to be complete by first half of 2024