Philips Hue reorganizes, plans job cuts to save $218 million annually

Signify, the company which owns Philips Hue, is restructuring its business to focus on four key areas. | Photo by Jennifer Pattison Tuohy / The Verge

Signify, the company that owns smart lighting brands Philips Hue and WiZ, is restructuring in the face “of ongoing market volatility and uncertainty.”

In a press release on its website published earlier this month, Signify announced a “new customer-centric organization and structural cost reductions.” This appears to signal that the company is focusing more effort on products that consumers and businesses can buy and less on making products for other manufacturers and specialty lighting applications like projectors and lamp electronics.

“After the major transformation we achieved through the past decade, we are taking the next step by organizing our company around four vertically integrated businesses. Three of these will focus on...

Continue reading…