New Delhi, Dec 16 (IANS) The Netherlands-based Signify, which owns smart lighting brands Philips Hue and WiZ, is restructuring in the face of "ongoing market volatility and uncertainty" that will trigger job cuts at the company.

Signify announced it is adapting its organisation to enhance customer-centricity, speed of execution and reduce its structural costs.

“After the major transformation we achieved through the past decade, we are taking the next step by organising our company around four vertically integrated businesses. Three of these will focus on customers: Professional, OEM and Consumer. The fourth will be dedicated to conventional lighting technologies,” said Eric Rondolat, CEO of Signify.

Aligned to the new customer-centric structure, the company will further adjust the size of its central organisation and reduce costs to support the company’s performance in the face of ongoing market volatility and uncertainty.

Started in Q4 2023, these changes will be implemented through 2024, with the majority achieved by Q2, and generating expected annualised savings in excess of 200 million euros (around $218 million).

“Together, these measures will increase focus and accelerate the execution of our strategy, supporting our continued leadership in the transition to energy efficient connected lighting to unlock the extraordinary potential of light for brighter lives and a better world,” said Rondolat.

Philips Hue and WiZ both expanded from smart lighting into smart security this year. Both brands have also embraced the new Matter smart home standard.