Special Report:Global Financial Crisis
SHANGHAI, Feb. 25 (Chinese media) -- China's Lenovo, the world's fourth largest personal computer manufacturer, is expected to cut 450 China-based jobs the company said Wednesday.
The latest cuts are among the 2,500 global cuts that the company announced in January.
The latest job cut, which is expected to affect the China-based supporting staff of Lenovo's overseas business, aims to further reduce the company's costs by enhancing efficiency and help maintain its competitive edges amid the global economic slowdown, said Lenovo.
"In light of the global economic problems, we must act decisively to reduce costs associated with global staffing and support functions to ensure our competitive strength," Yang Yuanqing, Lenovo CEO said.
"While our business in China remains very strong, many of our global support functions have employees based in China."
Lenovo said the reductions are a "necessary part" of the company's response to the global economic downtown.
The layoffs will be completed by the end of March.
After the announcement, Lenovo's stock on the Hong Kong stock market ended up 0.7 percent Wednesday.
The company reinstated Liu Chuanzhi, founder the Lenovo Group as company chairman on Feb. 5 after revealing a fourth quarter loss of 97 million U.S. dollars.
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