Royal Philips Electronics NV, the largest maker of lights, says it plans to cut 2,200 jobs by 2014 to save (EURO)300 million ($383 million) per year.

Saving money will lessen "the effects of macro-economic headwinds and changes in pension cost accounting" said Philips Chief Executive Officer Frans van Houten in a statement.

The company says it plans a fuller explanation at a press conference later Tuesday. Van Houten calls the job losses "regrettable."

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