TietoEnator sees good growth early 2008, cuts jobs
HELSINKI, March 17 (Reuters) - Nordic IT services firm TietoEnator (TIE1V.HE: Quote, Profile, Research) said on Monday it has seen good growth in its business at the start of the year, and it had finished personnel talks in Finland, cutting 190 jobs.
"Cost savings, improved utilisation rate and good organic growth during the first two months of the year are key elements in restoring TietoEnator's profitability," TietoEnator's newly appointed Chief Executive Hannu Syrjala said in a statement.
The company said it was on track to reach an annual savings target of over 100 million euros ($158 million). It expects to have reached 50 percent of the savings target by end-2008.
The actions taken by the end of February amount to annual savings of 24 million euros, it said.
TietoEnator announced the layoff talks in January, estimating at the time some 400 people would be made redundant or transferred internally in Finland. The number of job cuts came down thanks partly to the good organic growth in early 2008, it said.
TietoEnator said also in January it planned to reduce 800 jobs in its high-cost countries of operation, mostly in Finland and Sweden. Layoff talks in countries other than Finland were continuing, it said on Monday. (Reporting by Sami Torma; editing by Rory Channing)
"Cost savings, improved utilisation rate and good organic growth during the first two months of the year are key elements in restoring TietoEnator's profitability," TietoEnator's newly appointed Chief Executive Hannu Syrjala said in a statement.
The company said it was on track to reach an annual savings target of over 100 million euros ($158 million). It expects to have reached 50 percent of the savings target by end-2008.
The actions taken by the end of February amount to annual savings of 24 million euros, it said.
TietoEnator announced the layoff talks in January, estimating at the time some 400 people would be made redundant or transferred internally in Finland. The number of job cuts came down thanks partly to the good organic growth in early 2008, it said.
TietoEnator said also in January it planned to reduce 800 jobs in its high-cost countries of operation, mostly in Finland and Sweden. Layoff talks in countries other than Finland were continuing, it said on Monday. (Reporting by Sami Torma; editing by Rory Channing)
Labels: Finland, layoffs, TietoEnator
<< Home