UK: HELLER ON MANAGEMENT - STILL DROWNING AFTER DOWNSIZING.

UK: HELLER ON MANAGEMENT - STILL DROWNING AFTER DOWNSIZING. - Philips is learning that cutting jobs reduces costs but does not impress the marketplace, increase output or reform the management system. Robert Heller assesses the company's flagging fortune

Philips is learning that cutting jobs reduces costs but does not impress the marketplace, increase output or reform the management system. Robert Heller assesses the company's flagging fortunes.

The grim 77% slump in third-quarter profits reveals hard truths about Philips. Time after time, the Dutch electronics empire has promised a brighter future, only to collapse into dimness. Now the decline also confirms a deepening suspicion about Europe's great downsizing wave: it may not work.

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