Belgian Barco to lay off workers 24/07/2008 00:00

The Belgian technology group Barco is embarking on a EUR 30 million-cost-cutting operation as profits fall by EUR 4.5 million.

24 July 2008

BELGIUM - The Belgian technology group Barco is set to reduce its work force following a EUR 4.5 million drop in profits.

Barco NV is the maker of electronic displays that will be used at the Beijing Olympics.

The company shares tumbled more than 16 percent to a 7-year low and profits have fallen by EUR 4.5 million in the first three months through June, said the Kortrijk, Belgium-based company on Thursday.

Barco is feeling the pinch as a result of the weak dollar and the global credit crunch.

The company, which also has offices around the world, hopes to save EUR 30 million as a result of a cost-cutting operation.

Some employees of the firm have already laid off and 113 temporary contracts have been terminated. Some of the job losses occurred in Belgium.

Barco employs 3,600 worldwide including 1,250 workers in Belgium.

The company’s bosses have been unwilling to be drawn on the exact extent of the job losses.

[flandersnews.be / Expatica]