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Eutelsat to lay off 10% of workforce
Posted: Sun, Nov 3, 2019, 8:26 AM ET (1326 GMT)
Eutelsat is planning to lay off about 10% of its workforce as part of cost-cutting measures. The Paris-based satellite operator said it will lay off about 100 of its 1,000 employees, as well as freeze wages and suspend hiring. That overall effort will save the company 20–25 million euros annually by 2022 as the company looks for ways to reduce spending while investing in broadband connectivity to jump-start growth. The company is also facing a potential loss of its Eutelsat 5 West B satellite that suffered a solar array problem after launch in October. The company expects to determine this month if the satellite can be salvaged, and said it's too soon to talk about a mitigation plan if it is declared a loss.
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