TomTom Cutting 10 Percent Of Its Workforce

Navigation device manufacturer TomTom NV says it will cut 457 jobs as part of a restructuring to save money and get products to market more quickly.

AMSTERDAM (AP) -- Navigation device manufacturer TomTom NV says it will cut 457 jobs, or about 10 percent of its work force, as part of a restructuring to save money and get products to market more quickly.

The company says 255 workers will be fired, half of them in the Netherlands, where the company is based. The other reductions will come through "attrition," TomTom said. The company, which reported €28.9 million ($40 million) in third quarter earnings in October despite a 10 percent fall in sales, said it will take a charge of €14 million in the fourth quarter for the restructuring.

It is also cutting office space and reorganizing its research department. Most of the jobs lost will be administrative and marketing positions, the company said Thursday.

More in Economics