Logitech slashes 450 jobs
Peripherals maker 'saddened' by cost cutting programme
PC peripherals maker Logitech is axing 450 jobs to help it slash some $80m (£51.9m) from annual overheads.
The company told investors the lay-offs, part of a restructuring plan, equate to 13 per cent of the "non-direct labour workforce". The execs said the plan would result in a pre-tax charge in the current fiscal year of roughly $35m.
"While we are saddened by the departure of many colleagues, the restructuring is necessary for our future success," said Bracken Darrell, Logitech president.
The jobs cull is expected to represent 60 per cent of the planned headline savings target.
The PC mouse and keyboard firm made operating profits of $24m in fiscal Q4 2012 ended March compared to $4m in the previous 12 months, but sales fell 2 per cent to $532m.
When the results were released in April, Darrell said the business needed to return to "sustainable, profitable growth, we need to be simpler, faster and more consumer-centric". ®