Tennessee-based transaction processor, Concord EFS, has embarked on a company-wide restructuring and consolidation plan to speed the integration of recent acquisitions, including Star Systems, the debit network acquired early last month.
The three-part plan includes consolidation of data centres and functional integration of the Star organisation into Concord. Approximately 250 employee positions, which represent about 10% of Concord's work force, are expected to be eliminated.
The company expects to incur a one-time charge, net of taxes, between $75 million and $90 million in the first quarter of 2001 in conjunction with the upheavals.