Niscayah feels effects of global economic pinch

Niscayah Group, the security services and integration firm formerly known as Securitas Systems, announced today that the company is laying off approximately 600 employees around the world, including 120 in Sweden alone.

The restructuring program is occurring this fourth quarter of 2008 and will affect several countries in which Niscayah is operating. Niscayah representatives say that the restructuring and layoffs will have an annual cost savings of MSEK 315 (approximately $41.3 million USD), and "are part of the company's strategy to increase sales of services as well as drive profitable growth." The layoffs are designed to reduce sales and administrative expenses and prepare for decreasing demand of the company's services.

The measures comes at the same as a global economic slowdown which has seen worldwide effects in the financial, automotive sectors.

"Our aim is to enter 2009 with the right formation for our strategy to increase sales of our services: System Management and System Operation," said Niscayah CEO Juan Vallejo. "Furthermore the current state of the market has caused us to review all costs in order to encounter a tougher market.”