Royal Philips Electronics, the largest maker of lights, has announced plans to cut 2,200 jobs by 2014 to save £240 million, Belfast Telegraph said.

Saving money will lessen "the effects of macro-economic headwinds and changes in pension cost accounting", Philips chief executive officer Frans van Houten said in a statement.

He described the job losses as "regrettable".

The job cuts will fall at the company's lighting and healthcare divisions.

The company said it planned a fuller explanation at a press conference later.