Signify to lay off 1,000 workers in 2024

Signify, the world’s largest lighting manufacturer, announced on Friday that it would lay off 1,000 employees in 2024 as part of its cost-cutting plan to save 200 million euros annually12. The layoffs will take place across 30 countries with less than half of them in the Netherlands1. Signify had a headcount of about 32,000 at the end of last year1.

In the fourth quarter, Signify’s net income was hit by higher restructuring costs, falling to 59 million euros, which is well below the 104 million euros expected by analysts in a company-provided poll1. As a result, the shares fell more than 6% in early trading1.

“We will continue to protect our gross margin and enhance our focus on costs,” said CEO Eric Rondolat in a press release1. Signify aims to improve its adjusted core profit (EBITA) margin by up to 50 basis points in 20241.