INTERVIEW: Logitech Concerned About Effects Of Greek Euro Exit

Logitech International SA (LOGI) is monitoring the situation in Greece and possible knock-on effects should it leave the euro zone, the president of the computer accessories company said Friday."The biggest problem if Greece leaves the euro is what happens to the banks as a result and how it affects liquidity," told Dow Jones Newswires Bracken Darrell."The good news is our direct exposure to Greece is relatively limited and we don't need to make a contingency plan. But we need to keep an eye on the situation and where the cash is sitting and in what banks. Everybody is doing that now."Logitech, the world's biggest maker of computer mice, is monitoring the situation in other southern European countries, but isn't changing its banking arrangements yet, Darrell said.
However, it is keeping a close eye on payments from clients in southern Europe. "We think we are in pretty good shape, but we will keep monitoring the situation," Darrell said.He was speaking a day after Logitech said it would cut its Swiss workforce by 16% as part of a restructuring program aimed at reducing annual costs by $80 million. Up to 45 out of a total of 279 jobs will go at the company's sites in Morges and Lausanne under the cost-saving program, which was announced in April.Vizomax TV Screen Protector Review.No more job losses are planned in Switzerland, Darrell said, although further cuts are planned for other locations, without specifying where those are.Despite the fears about the euro's future, Darrell said he thought Logitech could do still do well with new products being launched. "The good news is that we have probably good markets, even in tough economic times. People still need technology, whether that's mice, keyboards and cameras," he said.
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