Setec to cut staff as smart card sales slump
28 May 2002 | 2851 views | 0
Finnish smart card company Setec is seeking to cut 30 staff in an effort to reduce fixed costs by ten per cent.
Setec says it will start statutory negotiations with employee representatives on 5 June, 2002.
Mr Jyrki Lignell, CEO and president of Setec Group, states: "By reacting to the situation already now, Setec will ensure that it is also financially competitive when the economic upturn begins."
Setec's business focus has moved towards smart cards and other card products as its traditional security printing business has declined. However, the smart card business has so far failed to meet expectations, says Lignell, and no substantial growth in sales is expected for the rest of the year.
At the end of the financial year 2001, the company employed 466 people from offices in Finland, Sweden, Denmark, Poland, Singapore and Thailand and recorded net sales of EUR69.8 million.