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Provider: Wright Reports
Provider: Thomson Reuters StreetEvents

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Securitas AB Announces Restructuring of Operations

Wednesday, 17 Oct 2012 02:30am EDT 

Securitas AB announced that it will take measures to enable better alignment with future customer needs and expectations, and continues with investments in technology and enhanced technical capabilities. A cost-savings program has been initiated at Security Services North America and at Security Services Europe. The Mobile and Monitoring divisions and the Security Services Europe division will be merged to improve the coordination and speed of the technology implementation. The preparation and execution of these measures will be finalized during the fourth quarter of 2012, by which time the final savings and restructuring costs can also be determined. The total annual savings are estimated at approximately SEK 300 million, which are expected to materialize in 2013. The savings are calculated as a net amount, after accounting for further investments and additional resources to strengthen the technology capacity of Securitas AB. Restructuring costs are currently estimated at approximately SEK 360 million and will be recognized for in the fourth quarter of 2012. Until further notice, the President and Chief Executive Officer of the Company, Mr. Alf Goransson, will assume responsibility for the merger between the Security Services Europe division and the Mobile and Monitoring divisions.