Imation to cut 200 jobs in restructuring
Minneapolis / St. Paul Business Journal - by Liz Riggs Staff Writer
Imation Corp. plans to cut 200 jobs worldwide as part of an effort to reduce operating expenses, the data-storage company announced Monday.
The moves are expected to trim costs by more than $40 million by the end of 2009.
Brad Allen, vice president of corporate communications and investor relations at Imation, said Monday the company has not yet communicated which employees will be affected. Layoffs are expected beginning in the fourth quarter and are likely to continue through 2009. It was not clear how many of the cuts would be local — the company is based out of Oakdale, Minn. — though Allen emphasized the restructuring would be global.
The company also forecast a fourth-quarter loss of 21 to 34 cents per share, which includes an anticipated restructuring charge of 44 cents per share, down from an earlier outlook that predicted an income of 11 to 23 cents per share in the fourth quarter.
Imation (NYSE: IMN) will likely absorb up to $40 million in restructuring and other charges for severance and related costs, $25 million of which will be recorded in the fourth quarter of 2008.
Related Industry News |
Latest News |
