Hush, another company found itself struggling. Logitech has announced that it is laying off around 450 employees, or 13 percent of its worldwide non-direct labor workforce. The company also announced that it is expecting to record pre-tax charges in the current fiscal year of approximately $35 million associated with the company’s previously announced restructuring.
The restructuring is expected to yield approximately a net $80 million reduction in annual operating costs. The reduction will begin to benefit the company in the second half of Fiscal Year 2013 with the full savings expected to be achieved in Fiscal Year 2014. Logitech expects that reduced personnel-related costs will represent an estimated 60 percent of the approximately $80 million savings in annual operating costs.