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10th April 2024 Issue no. 700

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Security firm Securitas to cut costs, lose 400 jobs

Swedish security services group Securitas, which has posted seven straight quarterly earnings drops, is to cut costs and merge two divisions, it said on last week. The company, the world's second largest security firm after British-Danish G4S, has suffered from weakness in Europe during the sovereign debt crisis, affecting key contracts. Profitability in its U.S. market has been weaker than expected.

"A cost-savings program has been initiated at Security Services North America and at Security Services Europe," the group said in a statement, referring to two core divisions which accounted for a combined 76 percent of sales in 2011.

24th October 2012