Hong Kong-listed Lenovo Group sees 100 mln usd in savings from global job cuts |
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Published
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Fri, 20 Apr 2007 02:31
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HONG KONG (XFN-ASIA) - Lenovo Group Ltd expects to make savings of some 100 mln usd in the fiscal year ending next March by laying off about 1,400 employees around the world, or about 5 pct of its work force, the company said.Lenovo said the bulk of the savings would be reinvested to support its strategic initiatives.It said the group expected to take a pre-tax restructuring charge of 50-60 mln usd, most of it in its fiscal first quarter.The company expects to make most of the lay-offs in the next 12 months.(1 usd = 7.81 hkd)jun.concepcion@xfn.com
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Hong Kong-listed Lenovo to axe 1,000 jobs to cut costs - report 