The medical technology manufacturer Philips, which has come under pressure because of problems with ventilators, wants to cut around 4,000 jobs and thus significantly reduce costs. Expenses for severance payments and terminations are expected to amount to around EUR 300 million and will be incurred in the coming quarters. This was announced by Siemens Healthineers' competitor on Monday when the final figures for the third quarter were presented in Amsterdam. The restructuring of the group took place after Roy Jakobs had replaced long-standing company boss Frans van Houten in mid-October.

It is not known where Philips would like to cut jobs. The plans should be explained in the figures for the fourth quarter, it said. The company has locations in Germany, including in Aachen and Böblingen. The German headquarters is in Hamburg.

Philips wants to "restore the trust of patients, consumers and customers," said the new company director Jakobs. The steps included strengthening patient safety and quality management, and urgently improving supply chain operations. Shares in the healthcare giant have also lost around 60 percent of their value this year due to the numerous problems.

In the third quarter, Philips recorded a loss of a good 1.3 billion euros due to write-downs. In the same period last year, the company reported a profit of almost three billion euros. Sales fell by five percent to 4.3 billion euros.

The company had to write off 1.3 billion euros on its problematic sleep and ventilation division. Here the group continues to struggle with the recall and replacement of certain ventilators and has made provisions worth millions for this. In June last year, the US subsidiary Philips Respironics had to recall some sleep and ventilator devices.