Olivetti plans reorganization, second since '88; move comes in response to slow sales, first loss in 13 years for 1st half
Article Abstract:
Ing. C. Olivetti and Co, the Italian computer company, will reorganize itself, cutting management positions and eliminating duplications, responding to low profits and slowed overall economic conditions. The company already has cut its workforce by 15 percent during the past two years. Olivetti plans a radical reorganization that will consist of three main divisions: Operations, Diversified Activities, and Public Administration. Olivetti Information Services (OIS) will continue to exist alongside the three main divisions. Olivetti hopes to save more than 400 billion lire ($328.4 million) a year as a consequence of the reorganization. The company reports a first-half loss of 73.7 billion lire in 1991, which follows after four years of falling profits.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1991
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Olivetti to cut several thousand jobs, cites computer slowdown, weak dollar
Article Abstract:
Ing C Olivetti and Co is laying off several thousand employees in 1990, responding to a weak dollar and a slowdown in demand in the computer industry. The company is also planning to shed a few thousand more employees in 1991. Fierce competition in the European market has caused Olivetti to streamline, even though the computer maker has been successful in capturing a large market share. Revenue increased six percent in the first half of 1990 from $3.39 billion in the first half of 1989 but despite the good performance, Olivetti officials say that the company is growing faster than the industry. The company is not revising its business strategy and still views banking as single most important vertical market.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1990
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Italy's Olivetti to cut 7,000 more jobs in new signal of weak computer sector
Article Abstract:
Ing C Olivetti e Compagnie SpA lays off 7,000 workers worldwide in an effort to meet increasing competition in the computer industry. The Italian company's recently announced layoffs is in addition to 2,000 layoffs in 1989 and the 3,500 already announced in 1990. Industry observers see the recent announcement by Olivetti as evidence of a deteriorating computer market in Europe. Officials at Olivetti maintain that low profit margins and a strong lira contributes to their decision to initiate layoffs. The company has 57,000 employees worldwide with half of them in Italy; 4,000 employees will be laid off in Italy and 3,000 employees will be laid off abroad.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1990
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