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© kheng-guan-toh-dreamstime.com Electronics Production | February 08, 2013

1'000 jobs to go from Harman

Audio and infotainment group Harman is implementing new restructuring initiatives to annualy save USD 30 - 35 million, and with this comes some layoffs.
The company will reduce its workforce by roughly 500 in high cost countries, resulting in annual operational savings of approximately $30-$35 million beginning in fiscal year 2014. Also, Harman is looking to either sell or close a manufacturing site in Europe, which would reduce an additional 500 jobs.

The Company expects to record a restructuring charge of approximately $30-35 million in the second half of fiscal year 2013.

"These restructuring efforts will allow HARMAN to reduce costs and compete more effectively," said Mr. Paliwal. "Rebalancing our workforce is a difficult, but necessary, step that HARMAN is implementing to deliver improved financial results through the European economic and automotive cycle recovery."

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