Allied Electronics Corporation Limited (Altron), the JSE-listed electronics group, says it is looking at ways to streamline its business in Portugal and Spain as economic pressures in the eurozone continue to weigh on business.<\/p>\n
According to an article in Business Day, Altron CEO Robert Venter, told delegates at the group\u2019s annual general meeting that subsidiary, Powertech, would cut staff in Portugal to reduce costs.<\/p>\n
He said he expected to finalise the process within six months.<\/p>\n
Alcobre in Portugal, and Cables de Comunicaciones in Spain, provide cables to telecommunications operators.<\/p>\n
“The cost-based process will result in the reduction in headcount,” Business Day reported Venter as saying.<\/p>\n
Altron told BusinessTech that it was looking at ways to streamline its business under a difficult economic climate in Europe, adding that it was still early days which may or may not lead to staff reductions.<\/p>\n
According to Altron, the group employs 92 and 187 people in Portugal and Spain, respectively.<\/p>\n
Shares in Altron advanced 43 cents or 1.87% to R23.48 by close of play on the JSE, on Friday.<\/p>\n
Related article<\/strong><\/p>\n Higher revenue, lower profits for Altron<\/a><\/strong><\/p>\n