Philips has announced it plans to make an additional €300m of cuts by 2013, on top of the €500m it had already pledged to save in the next two years,
However, the company has committed to spend the €200m annual budget earmarked for research and development plus 'customer-facing resources'.
Quoted in ERT, Philips CEO, Frans van Houten (pictured right), promised 'increased innovation efforts and customer intimacy'.
Philips had already announced plans to cut costs by entering into a joint venture with Chinese manufacturer TPV to produce its TV ranges from 2012 - as we covered here.
The news of fresh cuts comes in a week when Comet has announced a 22 percent fall in year-on-year sales, plus John Lewis has reported disappointing trading figures (though did claim to have increased its market share for CE retail).