The Irish operation of Dutch electronics giant, Philips, has said it expects to create around 120 jobs in the next year despite plans by its parent for major rationalisation.
The multinational announced yesterday that it was expecting a loss in the second quarter and would cut up to 7,000 jobs after weak computer and telecoms markets sent profits diving in the first three months.
The company's shares slumped 9.8 per cent to close at €29.14 on the Amsterdam Stock Exchange after the announcement.
The electronics giant has accounting, commercial and software divisions based in Dublin.
"We employ 595 people at the moment and we expect this figure to move upwards to more than 700 in the next 12 months," said Mr Larry Keaveney, company secretary with the Irish operation.
The number of people employed at its subsidiary Silicon & Software Systems in Leopardstown is expected to rise from 320 to more than 400 over the next 12 months.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)