Philips Halts Picture Tube Plant: A unit...
From Times Staff and Wire Reports
Philips Halts Picture Tube Plant: A unit of Dutch-based NV Philips, the giant consumer electronics firm, has postponed plans for a $116-million picture tube plant in Saline, Mich., blaming a sluggish U.S. economy. Philips, which is based in Eindhoven, the Netherlands, recently announced that it lost $1.3 billion in the third quarter and would lay off up to 45,000 of its 285,700 employees worldwide. The company had planned to build the picture tube plant on 117 acres and employ up to 400 people.
