Cybercom, a Swedish security and mobile technology services provider, is adapting its operations in Sweden, Singapore and Finland to improve the efficiency. Actions include cuts of the group overhead costs and reductions in the number of employees. The measures are expected to provide annual cost savings of approximately SEK 45 million.
As part of the restructuring process, up to 70 employees will be given notice of redundancy in Sweden. The efficiency actions in the Finnish operations are planned and aim for approximately SEK 7 million in annual cost savings. The management and administration of the international operations is being reduced and relocated from Singapore to Dubai, which is more cost effective and closer to the present client projects in Connectivity Management. In line with its strategy, Cybercom is also establishing Connectivity Management in the Northern European market through Sweden and Poland. According to the restructuring programme, the group’s over-head staff will be reduced by 15 percent.
The measures are expected to provide annual cost savings of approximately SEK 45 million, with full effect from 2013. A non-recurring expense of approximately SEK 30 million will be charged to the fourth quarter.