Logitech to Cut 15% of Workforce

Jan. 6, 2009
The company, which specializes in computer peripherals, employs 9,400.

Swiss computer equipment group Logitech said on Jan. 6 that it will slash its global salaried workforce by 15% in 2009 after a fresh downgrade to its financial outlook .A company spokesman said the cuts could affect about 500 salaried staff.

Founded in 1981, Logitech specializes in computer peripherals and employs about 9,400 people overall, in Europe, Taiwan and California.

Logitech announced restructuring plans and withdrew its already revised financial targets for the year, predicting further cuts in sales growth and operating income due to the "deepening global economic recession." In October, the group slashed its outlook for 2009, putting sales and operating income growth at 6%-8% and 3%-5%, respectively, down sharply from from earlier estimates of 15% for both.

"During the December quarter, the retail environment deteriorated significantly," chief executive and president Gerald Quindlen said. "Moreover, we expect the economic environment to worsen in the coming months and we are therefore taking significant actions to align our cost structure with what is likely to be an extended downturn."

Copyright Agence France-Presse, 2009

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