AMSTERDAM ( TheStreet) -- Philips ( PHG), the giant European lighting maker, plans to cut 4,500 jobs after third-quarter profit fell 86%. The job cuts are part of Philips' plan to save an annual €800 million ($1.1 billion). Profit at Philips fell to €74 million from €524 million a year earlier. Sales fell 1.3% to €5.39 billion, hurt by a strong euro. Philips has been trying to sell its TV business, which posted a quarterly loss of €54 million. But the company struck a cautious tone about the sale. "The global TV market has deteriorated, and obviously the sooner we complete this the better, but we first need to finalize the negotiations, and whether we can do that this year or into the first quarter of 2012, there are some uncertainties with that planning," CEO Frans van Houten told reporters Monday, according to a report from Reuters. -- Written by Joseph Woelfel >To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: firstname.lastname@example.org.