1'000 jobs to go from Harman

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."