The Channel logo

News

By | Paul Kunert 8th June 2012 16:03

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". ®

comment icon Read 10 comments on this article alert Send corrections

Opinion

WWI French tank picture via Shutterstock
Vinod_Khosla

Chris Mellor

A VC with startup agenda slams established suppliers. Surprised? Neither were we
ZenPad_RealRacing
Boy writes a letter to Santa. Pic via Shutterstock

Kat Hall

Cornwall's win over BT should be a cautionary relationship tale

Features

Eclipse image via Shutterstock
The Azure Portal: Microsoft is betting on cloud for its future business
container_ship_hamburg_shutterstock_648
Michael Dell. Pic by Joi Ito
Cool Texas dude is just your average billionaire