Colt to cut 200 jobs in business restructures
20 December 2012 | Kavit Majithia
UK-based Colt is to cut over 200 jobs in a bid to restructure its business and focus on the development of its data centres.
The move is expected to reduce annual costs by €44 million.
Its business review was based on Europe's difficult economic environment, and the company has said it will target investments in managed network and IT services as a result.
The company also said it is looking to improve processes and utilising off-shore shared services including Barcelona, India and Romania. One third of the savings will be reinvested in new roles at the company.
Colt will take a charge between €28 million and €33 million in Q4. “By executing these plans we will be in the position to support our growth areas, protect group profitability in the immediate future and help improve our operational efficiency going forward,” said Rakesh Bhasin, chief executive at the company.