Logitech to cull 140 employees under cost cutting measures
Friday, March 1, 2013 @ 9:11am
| Peripheral manufacturer Logitech is looking to lay off five percent of its workforce over the next year, as part of a cost-savings exercise. The savings, expected to total between $16 and $18 million in its 2014 fiscal year, will come partly from the loss of 140 jobs, and will be in addition to $80 million in annual operating cost savings from the company's April 2012 restructuring.
The restructuring follows on from comments made in third-quarter results in January, and includes increasing the focus on mobility products as well as improving profitability in PC-related products, the latter of which held the global downturn in PC sales as partly to blame. The same quarterly results showed Logitech as having a net loss of $195 million on $615 million of revenue.
As well as culling 140 positions within the company, Logitech is also offloading its digital video securities and Harmony divisions, sections that the company hopes to sell before the end of 2013.