LONDON, June 14 (Reuters) - British publishing and exhibitions group United Business Media Plc UBM.L said it was to cut more than 200 jobs at its U.S.-based unit CMP Technology at a cost of around $12 million.
CMP Technology currently has a headcount of around 1,150.
UBM said in a statement on Thursday that CMP Technology was restructuring its print portfolio and that this would lead to a drop in annual revenues of some $15 million while annual salary costs would be cut by more than $20 million.
Almost $150 million has been invested in CMP Technology over the last two years to rebalance its product portfolio. In the year to date, growth in its online and event revenue has offset the decline in print revenues, UBM said in the statement.
CMP Technology had revenues of 186.2 million pounds in 2006, up 18.9 percent from 156.6 million the previous year — but off 2 percent on an underlying basis when adjusted for effects that include acquisitions, disposals and discontinued operations.
UBM is to release a trading update on June 27 ahead of its first-half results on July 27.
Shares in UBM closed at 793-1/2 pence on Wednesday, valuing the company at around 2.02 billion pounds ($3.99 billion).
((Reporting by Mike Elliott, Editing by Paul Bolding; Reuters Messaging: email@example.com; e-mail: firstname.lastname@example.org; phone +44 20 7542 4019))
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