Post by mayamaya555o on Feb 18, 2024 1:26:17 GMT -5
Signify, the company that owns the Philips Hue and WiZ smart lighting brands, is restructuring in the face of the current market volatility and uncertainty.” In a press release on its website published earlier this month, Signify announced a "new customer-focused organization and structural cost reductions." This seems to indicate that the company is focusing more efforts on products that consumers and businesses can buy and less on making products for other manufacturers and specialized lighting applications such as projectors and electronic lamps. “After the tremendous transformation we achieved over the last decade.
We are taking the next step by organizing our Europe Mobile Number List company around four vertically integrated businesses. Three of them will focus on customers: professionals, OEMs and consumers. The fourth will be dedicated to conventional lighting technologies,” Eric Rondolat, CEO of Signify, said in a statement. As part of the restructuring, Netherlands-based Signify says it expects to save more than 200 million euros (about $218 million) a year, and in the statement, Rondolat indicated that job losses are looming. The changes have already begun and are expected to be complete in the first half of.
A Signify spokesperson told LED Magazine that the company does not share a specific number of people affected, but that it plans to “bring our non-manufacturing costs within the range of 25 to 29 percent of sales. Signify is actually undoing some changes it made in , when it went from three trade groups to four in a move designed to address declining sales, in part due to the fact that LED lights simply last longer. Philips Hue and WiZ pivoted from smart lighting to smart security this year, launching security cameras alongside subscriptions to cloud services, as Signify looks to expand its revenue streams.