Sitel Cuts 350 Jobs in Restructuring

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Teleservices provider Sitel Corp. said that it would cut 350 positions worldwide and eliminate 2,100 workstations in a company-wide restructuring.

An unspecified number of contact centers and administrative offices will be closed, the company said June 28. The cutbacks will result in an annual saving of $20 million. The company has more than 25,000 employees.

Sitel Corp., Baltimore, will reorganize into six North American business units focused on industries that the company serves. The units are insurance, financial services, technology, telecommunications, utilities, and retail and travel.

The company's overseas business will be reorganized into five geographic units: the United Kingdom and Ireland; Nordic; Central Europe; Asia Pacific; and IBERLAT for Brazil, Mexico, Colombia, Portugal and Spain.

A new business unit, Multi-National Client and Design, will be formed to sell, design, build and run contact center services for Sitel's multinational clients.

Sitel founder and chairman Jim Lynch said the moves were in response to stalled earnings and revenues. The company expects to report losses of 3 cents to 5 cents per diluted share for the second quarter of 2001 when it releases its latest results Aug. 1.

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