Logitech International Logitech International SA (Swiss: LOGN), the Swiss computer mouse maker, said Friday it will eliminate about 13 percent of its workforce, or 450 jobs, as part of its restructuring program after lowing profit outlook three times in less than a year.
The job cuts, mainly white-collar positions, will result in a $35 million charge. The overall restructuring program will result in a reduction in annual operating costs of around $80 million, the Logitech said in April.
The company came under pressure last year as it struggled to make products attractive to tablet computer users. Net profit in the company's last financial year ended March 31 fell 45 percent.
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.
Shares of Logitech International SA (Swiss: LOGN) fell 0.15 percent, to CHF9.81 in Friday's trading.