Reuters: Mergers News: UPDATE 1-Logitech to cut 450 jobs as part of restructuring

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UPDATE 1-Logitech to cut 450 jobs as part of restructuring Jun 8th 2012, 02:32 Thu Jun 7, 2012 10:32pm EDT June 7 (Reuters) - Logitech International, the world's largest computer mouse maker, said it will cut about 450 jobs, or 13 percent of its worldwide non-direct labor workforce, as part of a previously announced restructuring. The Swiss group, which also makes speakers, webcams and keyboards, said in April it had planned to cut $80 million in expenses to boost profitability amid a soft euro and a weak economic environment. Late on Thursday, Logitech said it expected to record pre-tax charges of about $35 million in the current fiscal year. About $32 million of charges were expected to be recorded in the first quarter of fiscal year 2013, ending June 30. The company said the job cuts would make up about 60 percent of the $80 million savings in annual operating costs. "While we are saddened by the departure of many colleagues, the restructuring is necessary for our future success," Logitech President Bracken Darrell said in a statement.

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