Logitech cutting about 140 positions
Logitech International SA is cutting about 140 jobs as it looks to turnaround its business.
The Swiss computer accessories company said late Thursday that the job cuts will save it about $16 million to $18 million in operating expenses in fiscal 2014. It expects to take a charge of approximately $12 million to $14 million in fiscal 2013's fourth quarter mostly related to the workforce reduction.
These cost cuts are in addition to its $80 million annual savings goal announced last April.
It said the latest job cuts represent 5 percent of its "non-direct-labor" workforce. According to its website, the company had 9,000 workers in March 2012. The job cuts represent about 1.6 percent of that figure.
In January, Logitech posted a third-quarter loss and announced that it would get rid of several businesses.
Logitech makes computer accessories such as keyboards and mice, video conferencing equipment and other gadgets. Consumers are increasingly buying tablets and smartphones, while worldwide demand for PCs drops. That's hurting Logitech, which said that it will concentrate more on developing products for smartphones and tablets. It is also exiting its remote control and digital video security businesses and will stop making other products, including speaker docks and console gaming items, by the end of 2013.