LED-based products accounted for 16% of Philips’ overall lighting sales of €1.89 billion ($2.60 billion) in the third quarter of 2011, growing sharply from a year ago and providing a rare bright note as the company detailed the wide-ranging cost-cuts that it previously trailed. Having said three months ago that Philips would implement measures to deliver annual savings of €500 million, CEO Frans van Houten now says that the company will cut 4500 positions across its business, 1400 of them in The Netherlands, as part of an €800 million cost-reduction packa...