Logitech to cut salaried staff by 15 percent

THE MAKER OF MICE and other peripherals, Logitech is cutting its work force by 15 percent in response to weak consumer demand.

The Swiss based company has about 3,500 salaried employees in a total work force of about 9,000.

The outfit said that its fiscal 2009 forecasts for sales growth of six to eight per cent were far too optimistic. Now it thinks it will have an operating income growth of between three and five per cent.

Gerald Quindlen, Logitech's president and chief executive officer, said that the retail sector fell dramatically in December and the economic environment will get worse.

He also said that the company has a strong cash position, no debt, and is maintaining market share. So there is a silver lining in the dark clouds of reality. µ