The company said today that the cuts will be achieved through restructuring subsidiaries and global production sites in addition to enhancing the efficiency of the indirect workforce at headquarters and in each business domain.

The companys said it aims to consolidate 40 percent of the 30 production sites it has operating around the world by the fiscal year ending March 2015.

Settlement with Michael Woodford

The company also issued a statement stating it has reached a settlement with former CEO Michael Woodford, who had filed a action against the company with the UK Employment Tribunal in January. The company will pay Woodford 10 million GBP to end his action against the company.