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Read more with google mobile : Logitech to cut 15 percent of workforce as outlook darkens

Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Logitech to cut 15 percent of workforce as outlook darkens AFP - Wednesday, January 7 ROMANEL-SUR-MORGES, Switzerland (AFP) - - Swiss computer equipment group Logitech said Tuesday that it will slash its global workforce by 15 percent in 2009 after a fresh downgrade to its financial outlook. 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." "During the December quarter, the retail environment deteriorated significantly," chief executive and president Gerald Quindlen said in a statement. "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," he said. The company is planning to reduce its salaried workforce globally by 15 percent, with restructuring charges booked in the fourth quarter results and savings materialising in the first quarter of 2010, the statement added. Founded in 1981, Logitech specialises in computer peripherals and employs about 9,400 people overall, in Europe, Taiwan and California. A company spokesman told AFP the cuts could affect about 500 salaried staff. In October, the group slashed its outlook for 2009, putting sales and operating income growth at 6.0-8.0 percent and 3.0-5.0 percent, respectively, down sharply from from earlier estimates of 15 percent for both. Logitech did not provide new targets. Quindlen emphasised that the company had no debt and should be in a stronger position when an economic recovery materialised. "Although the external economic environment is more challenging than anything we've experienced before, we believe Logitech is very well positioned to manage through this downturn," he said. Analysts at Bank Vontobel said the magnitude of the planned cuts indicated that the situation was "severe" and that no growth was expected this year. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Technology Apple to sell all iTunes music without anti-piracy softwareAFP - 1 hour 21 minutes ago Chinese Internet portals argue porn crackdown easier said than doneAFP - Wednesday, January 7 Logitech to cut 15 percent of workforce as outlook darkensAFP - Wednesday, January 7 Japan's video game market shrank last year: reportAFP - Wednesday, January 7 Twitter accounts of Obama, Britney Spears hackedAFP - Tuesday, January 6 Enlarge Photo The Logitech company offices in Morges. Swiss computer equipment group Logitech said Tuesday that it will slash its global workforce by 15 percent in 2009 after a fresh downgrade to its financial outlook. Most Popular – Technology Viewed Steve Jobs has "hormone imbalance," to stay on as Apple CEO Jett Travolta died of 'seizure': Bahamas officials Pink iguanas discovered on Galapagos Islands Milky Way spins faster, has more mass than thought: astronomers Deadly Israeli raids on schools take Gaza toll to 660 View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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