SMART Technologies to cut workforce by 25 percent

Reuters News
Posted: Dec 11, 2012 8:55 AM

(Reuters) - Digital whiteboard maker SMART Technologies Inc said it would reduce its workforce by nearly 25 percent during the third and fourth quarters.

The company had 1,525 employees as of March 31, according to a filing with the U.S. Securities Exchange.

SMART Technologies, which cut about 70 jobs in August and 225 jobs last year, also said it would realign itself into two business units.

Its restructuring plan, expected to be completed by March, will result in annualized pre-tax cost savings of about $40 million.

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(Reporting by Shounak Dasgupta in Bangalore; Editing by Joyjeet Das)