Irish Internet security group Baltimore Technologies is to cut 50 jobs in Dublin and a further 200 elsewhere in a bid to reduce costs.
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Mr Fran Rooney, CEO of Baltimore Technologies
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A spokeswoman for the company told
ireland.com
that the job cuts are across all regions and job functions.
There will be over 100 jobs cut in the US with the rest being in the UK and in the Asia Pacific region.
The job cuts will make about 18 per cent of their 1,400 staff redundant.
The announcement comes as the group said it was taking strong measures to save around £35 million sterling a year.
The group, which designs encryption software for e-commerce and other Internet applications, said it was undertaking an extensive review of its operations and the way it marketed its products because of the "changing economic climate".
Chief executive officer Fran Rooney said: "Although the first quarter for 2001 has been challenging, we have today announced a series of measures which should accelerate the deployment of our solutions and consolidate our business to build a stronger company."
Baltimore, which announced its first quarter results today, saw its loss before exceptionals increase to £17.2 million from £5.3 million during the same period the previous year.
Pre-tax losses for the three months to the end of March also rose, jumping to £103.5 million compared to £10.3 million the previous year.
Additional reporting PA
