MUMBAI: KIT digital, a leading video management software and
services company, is planning to cut 22 per cent or 300 employees
of its workforce as part of its restructuring program announced
earlier this year.
restructuring plan will take place primarily during the third
quarter of 2012 and will be completed by the end of calendar
year 2012. The company currently estimates that it will record
a restructuring expense in the third quarter of 2012 of approximately
$4 million consisting primarily of one-time termination benefits
of which the majority will be paid prior to the end of calendar
restructuring will further enhance efficiencies and focus
expertise in the company's principal areas of operation. The
majority of the expense reductions will arise from non-core
areas and general and administrative redundancies, the company
said in a statement.