March Networks cuts jobs, reduces salaries
OTTAWA — March Networks is cutting about 20 jobs as well as reducing salaries in a bid to reduce operating costs by $3.2 million annually.
The Ottawa maker of security and surveillance monitoring equipment said Tuesday it will eliminate the jobs of seven per cent of its global workforce. It had about 240 employees at the end of December, including about 200 in Ottawa.
It had eliminated about 60 jobs earlier in the year as it adjusted to the loss of Wal-Mart as a dominant customer, fixing equipment glitches and developing new business around the world.
The latest cuts will cost about $900,000 in severance charges.
March said that it will also reduce the salaries of North American executives and staff by six per cent.
March took the action to mitigate potential risks associated with the growing economic uncertainty.
"These measures will provide the company with greater flexibility ... in the context of a challenging economic environment," said chief executive Peter Strom.
The Ottawa maker of security and surveillance monitoring equipment said Tuesday it will eliminate the jobs of seven per cent of its global workforce. It had about 240 employees at the end of December, including about 200 in Ottawa.
It had eliminated about 60 jobs earlier in the year as it adjusted to the loss of Wal-Mart as a dominant customer, fixing equipment glitches and developing new business around the world.
The latest cuts will cost about $900,000 in severance charges.
March said that it will also reduce the salaries of North American executives and staff by six per cent.
March took the action to mitigate potential risks associated with the growing economic uncertainty.
"These measures will provide the company with greater flexibility ... in the context of a challenging economic environment," said chief executive Peter Strom.
posted by Steve Hemenway at
Wednesday, January 21, 2009
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