Peripherals manufacturer Logitech has this week revised its 2009 sales targets and announced job cuts, blaming the deepening global recession.
Gerald Quindlen, president and chief executive at Logitech, cited a deteriorating retail environment as the impetus for the plans.
"We experienced varying degrees of weakness across all geographies and channels as our customers reduced inventory levels in the face of weaker consumer demand," he said.
"Moreover, we expect the economic environment to worsen in the coming months, and we are therefore taking significant actions to align our cost structure with what is likely to be an extended downturn."
Logitech will hold an earnings conference call on 20 January, in which it will outline a number of restructuring changes including reducing its salaried workforce by 15 per cent. Logitech expects the restructuring will be completed by 2010.
"Although the external environment is more challenging than anything we have experienced before, we believe Logitech is very well positioned to manage through this downturn," said Quindlen.
"We have a strong cash position, no debt, and we continue to maintain market share across multiple segments and geographies.
"We remain confident in our strategy for driving long-term double-digit growth, and we believe the well-considered actions we are taking now will result in an even stronger Logitech when the economic recovery begins."
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