Swedish security services group Securitas, (SECUb.ST: Quote) which has posted seven straight quarterly earnings drops, is to cut costs and merge two divisions, it said on Wednesday.
The company, the world’s second largest security firm after British-Danish G4S, (GFS.L: Quote) 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…
via Security firm Securitas to cut costs, lose 400 jobs | Business | Reuters.
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